Rep. Joyce Beatty (D-Ohio) reintroduced ICBA-supported legislation to codify a Treasury Department program to support minority depository institutions and other community banks.
Details: Beatty’s Advancing the Mentor Protégé Program for Small Financial Institutions Act (H.R. 3709) would codify a Financial Agent program at Treasury enabling partnerships between MDIs, rural community banks, and other financial institutions.
More: Beatty said codifying the mentor-protégé program at Treasury will help local financial institutions meet the financial needs of their communities.
ICBA View: ICBA President and CEO Rebeca Romero Rainey said the legislation reinforces and supports the critical role MDIs and rural community banks serve as a lifeline in their communities, providing tailored financial products and fostering greater economic growth.