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Support for Small and Minority Depository Financial Institutions

This act establishes a program to help small financial institutions, including those owned by minorities, grow and improve their services. Large banks will share their knowledge and experience, potentially leading to better access to financial services for citizens, especially in communities served by these smaller institutions.
Key points
A "Mentor-Protégé" program is created, where large financial institutions assist small banks in their development.
The goal is to prepare small banks for government work and enhance their customer services.
The program aims to support minority depository institutions, increasing their capabilities.
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Additional Information
Print number: 117_HR_7953
Sponsor: Rep. Beatty, Joyce [D-OH-3]
Process start date: 2022-06-07
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Expanding Opportunity for MDIs Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7953.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-06-07.

What are the main provisions?

Key points include:

  • A "Mentor-Protégé" program is created, where large financial institutions assist small banks in their development.
  • The goal is to prepare small banks for government work and enhance their customer services.
  • The program aims to support minority depository institutions, increasing their capabilities.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Beatty, Joyce [D-OH-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy