Bill introduced to codify Treasury financial institution mentorship program

A bill to codify a Treasury mentorship program for financial institutions was introduced Thursday by Rep. Joyce Beatty, D-Ohio, and has the support of America’s Credit Unions and the Ohio Credit Union League. The Advancing the Mentor Protégé Program for Small Financial Institutions Act (H.R. 3709) would make the Treasury’s Financial Agent Mentor-Protégé Program permanent. The program began in 2018 to help small and rural financial institutions obtain resources, training, and technical assistance to help them better serve their communities.

"America's Credit Unions applauds Rep. Joyce Beatty's efforts to promote programs that support minority depository institution credit unions and other credit unions,” said America’s Credit Unions President/CEO Jim Nussle. “We are pleased to see the reintroduction of the Advancing the Mentor Protégé Program for Small Financial Institutions Act. This bill would empower MDI and other smaller credit unions to collaborate with larger credit unions in these mentorship efforts. This builds on the credit union culture of ‘people helping people’ and working cooperatively to ensure the success of communities they serve."

"The Ohio Credit Union League is grateful to Congresswoman Beatty for her leadership in strengthening partnerships and collaboration between major financial institutions and smaller, community, minority-owned financial institutions,” said Ohio Credit Union League Chief Advocacy Officer Emily Leite. “Congresswoman Beatty's efforts to increase access to financial services mirror how Ohio credit unions work hard to ensure every Ohioan can access affordable financial services. We enthusiastically support the passage of the Expanding Opportunity for Minority Depository Institutions Act."

Beatty—a senior member of the House Financial Services Committee—spoke about the bill during a subcommittee hearing Thursday.

“Codifying this program would help small and community financial institutions across the country increase capacity, improve relationships, lending business models, and even become a financial agent to the Treasury,” she said.

America’s Credit Unions Director of Innovation and Technology Andrew Morris—who testified at the hearing—said the bill “aligns well with cooperative nature of credit union industry. We are certainly supportive of it and other ways to enable small minority depository institutions and other small institutions to partner with their larger peers to learn best practices, learn how to comply with complex rules and regulations.”