H.R. 5315 — what changed

changed This Act may be cited as the “Expanding Opportunity for Minority Depository Institutions (MDIs) Act” or the “Expanding Opportunity for MDIs Act”.

“(d) Financial Agent Mentor-Protégé Program

changed “(1) In general—The Secretary of the Treasury shall establish a program to be known as the “Financial Agent Mentor-Protégé Program” (in this subsection referred to as the “Program”) under which a financial agent shall designated by the Secretary or a large financial institution may serve as a mentor mentor, under guidance or regulations prescribed by the Secretary, to a minority depository small financial institution so that to allow such minority depository institution may become a small financial agent.institution—

changed “(2) Outreach—The Secretary shall hold outreach events “(A) to promote the participation of financial agents and minority depository institutions in the Program at least once be prepared to perform as a year.financial agent; or

changed “(3) Exclusion—The Secretary may exclude financial agents and minority depository institutions from participation in “(B) to improve capacity to provide services to the Program.customers of the small financial institution.

added “(2) Outreach—The Secretary shall hold outreach events to promote the participation of financial agents, large financial institutions, and small financial institutions in the Program at least once a year.

added “(3) Exclusion—The Secretary shall issue guidance or regulations to establish a process under which a financial agent, large financial institution, or small financial institution may be excluded from participation in the Program.

“(4) Report—The Office of Minority and Women Inclusion of the Department of the Treasury shall include in the report submitted to Congress under section 342(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act information pertaining to the Program, including—

added “(A) the number of financial agents, large financial institutions, and small financial institutions participating in such Program; and

removed “(A) the number of financial agents participating in such Program; and

“(B) the number of outreach events described in paragraph (2) held during the year covered by such report.

added “(5) Definitions—In this subsection:

added “(A) Financial agent—The term “financial agent” means any national banking association designated by the Secretary of the Treasury to be employed as a financial agent of the Government.

added “(B) Large financial institution—The term “large financial institution” means any entity regulated by the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, or the National Credit Union Administration that has total consolidated assets greater than or equal to $50,000,000,000.

added “(C) Small financial institution—The term “small financial institution” means—

added “(i) any entity regulated by the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, or the National Credit Union Administration that has total consolidated assets lesser than or equal to $2,000,000,000; or

added “(ii) a minority depository institution.”

removed “(5) Financial agent defined—In this subsection, the term “financial agent” means any national banking association selected by the Secretary of the Treasury to be employed as a financial agent of the Government in accordance with section 5153 of the Revised Statutes of the United States.”

removed “(e) Financial Agent Mentor-Protégé Program participation—In assessing and taking into account, under subsection (a), the record of a financial institution, the appropriate Federal financial supervisory agency shall consider as a factor the financial institution’s participation as a mentor financial agent in the Financial Agent Mentor-Protégé Program of the Department of the Treasury (established under section 308(d) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989).”