Rep. Joyce Beatty (D-Ohio) introduced ICBA-supported legislation to codify a Treasury Department program to support minority depository institutions and other community banks.
Background: Beatty’s Expanding Opportunity for MDIs Act (H.R. 7483) would codify Treasury’s Mentor-Protégé Program. The program enables MDIs and other community banks to partner with larger financial institutions to receive resources, training, and technical assistance to become financial agents to Treasury.
ICBA View: ICBA President and CEO Rebeca Romero Rainey said the legislation would bolster community banks’ relationship-lending business model in the communities they serve across the country.