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Support for Small and Minority Depository Financial Institutions

This new act establishes a program to help small financial institutions, including minority-owned ones, grow and improve their services. Larger banks will mentor smaller ones, potentially leading to better access to financial services for citizens and local communities. The goal is to enhance the capabilities of these institutions to serve their customers more effectively.
Key points
The "Mentor-Protégé" program will help small financial institutions gain experience and expand their capabilities.
Larger financial institutions will mentor smaller ones, potentially improving the quality of financial services available to citizens.
The act aims to support minority depository institutions, which can contribute to economic development in their communities.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_7483
Sponsor: Rep. Beatty, Joyce [D-OH-3]
Process start date: 2024-02-29
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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 118_HR_7483.

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 2024-02-29.

What are the main provisions?

Key points include:

  • The "Mentor-Protégé" program will help small financial institutions gain experience and expand their capabilities.
  • Larger financial institutions will mentor smaller ones, potentially improving the quality of financial services available to citizens.
  • The act aims to support minority depository institutions, which can contribute to economic development in their communities.
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 2025-12-25.

CATEGORIES

Economy