Expanding Opportunity for Minority Depository Institutions Act

IIB 116TH CONGRESS 2D SESSION H. R. 5315 IN THE SENATE OF THE UNITED STATES JANUARY 14, 2020 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to establish a Financial Agent Mentor-Prote´ge´ Program within the Department of the Treasury, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 23:08 Jan 14, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5315.RFS H5315 pamtmann on DSKBC07HB2PROD with BILLS 2 HR 5315 RFS SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Expanding Oppor- 2 tunity for Minority Depository Institutions Act’’ or the 3 ‘‘Expanding Opportunity for MDIs Act’’. 4 SEC. 2. ESTABLISHMENT OF FINANCIAL AGENT MENTOR- 5 PROTE´ GE´ PROGRAM. 6 (a) IN GENERAL.—Section 308 of the Financial In- 7 stitutions Reform, Recovery, and Enforcement Act of 8 1989 (12 U.S.C. 1463 note) is amended by adding at the 9 end the following new subsection: 10 ‘‘(d) FINANCIAL AGENT MENTOR-PROTE´GE´ PRO- 11 GRAM.— 12 ‘‘(1) IN GENERAL.—The Secretary of the 13 Treasury shall establish a program to be known as 14 the ‘Financial Agent Mentor-Prote´ge´ Program’ (in 15 this subsection referred to as the ‘Program’) under 16 which a financial agent designated by the Secretary 17 or a large financial institution may serve as a men- 18 tor, under guidance or regulations prescribed by the 19 Secretary, to a small financial institution to allow 20 such small financial institution— 21 ‘‘(A) to be prepared to perform as a finan- 22 cial agent; or 23 ‘‘(B) to improve capacity to provide serv- 24 ices to the customers of the small financial in- 25 stitution. 26 VerDate Sep 11 2014 23:08 Jan 14, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5315.RFS H5315 pamtmann on DSKBC07HB2PROD with BILLS 3 HR 5315 RFS ‘‘(2) OUTREACH.—The Secretary shall hold 1 outreach events to promote the participation of fi- 2 nancial agents, large financial institutions, and small 3 financial institutions in the Program at least once a 4 year. 5 ‘‘(3) EXCLUSION.—The Secretary shall issue 6 guidance or regulations to establish a process under 7 which a financial agent, large financial institution, 8 or small financial institution may be excluded from 9 participation in the Program. 10 ‘‘(4) REPORT.—The Office of Minority and 11 Women Inclusion of the Department of the Treasury 12 shall include in the report submitted to Congress 13 under section 342(e) of the Dodd-Frank Wall Street 14 Reform and Consumer Protection Act information 15 pertaining to the Program, including— 16 ‘‘(A) the number of financial agents, large 17 financial institutions, and small financial insti- 18 tutions participating in such Program; and 19 ‘‘(B) the number of outreach events de- 20 scribed in paragraph (2) held during the year 21 covered by such report. 22 ‘‘(5) DEFINITIONS.—In this subsection: 23 ‘‘(A) FINANCIAL AGENT.—The term ‘fi- 24 nancial agent’ means any national banking as- 25 VerDate Sep 11 2014 23:08 Jan 14, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H5315.RFS H5315 pamtmann on DSKBC07HB2PROD with BILLS 4 HR 5315 RFS sociation designated by the Secretary of the 1 Treasury to be employed as a financial agent of 2 the Government. 3 ‘‘(B) LARGE FINANCIAL INSTITUTION.— 4 The term ‘large financial institution’ means any 5 entity regulated by the Comptroller of the Cur- 6 rency, the Board of Governors of the Federal 7 Reserve System, the Federal Deposit Insurance 8 Corporation, or the National Credit Union Ad- 9 ministration that has total consolidated assets 10 greater than or equal to $50,000,000,000. 11 ‘‘(C) SMALL FINANCIAL INSTITUTION.— 12 The term ‘small financial institution’ means— 13 ‘‘(i) any entity regulated by the 14 Comptroller of the Currency, the Board of 15 Governors of the Federal Reserve System, 16 the Federal Deposit Insurance Corpora- 17 tion, or the National Credit Union Admin- 18 istration that has total consolidated assets 19 lesser than or equal to $2,000,000,000; or 20 ‘‘(ii) a minority depository institu- 21 tion.’’. 22 VerDate Sep 11 2014 23:08 Jan 14, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H5315.RFS H5315 pamtmann on DSKBC07HB2PROD with BILLS 5 HR 5315 RFS (b) EFFECTIVE DATE.—This Act and the amend- 1 ments made by this Act shall take effect 90 days after 2 the date of the enactment of this Act. 3 Passed the House of Representatives January 13, 2020. Attest: CHERYL L. JOHNSON, Clerk. VerDate Sep 11 2014 23:08 Jan 14, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H5315.RFS H5315 pamtmann on DSKBC07HB2PROD with BILLS