A Financial Agent Mentor-Protege Program must be established
What the document says“The Secretary shall establish a program to be known as the `Financial Agent Mentor-Protege Program' (in this subsection referred to as the `Program') under which a financial agent designated by the Secretary or a large financial institution may serve as a mentor, under guidance or regulations prescribed by the Secretary, to a small financial institution”
The section adds a new subsection (d) to section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 requiring the Secretary of the Treasury to establish a Financial Agent Mentor-Protege Program under which a designated financial agent or a large financial institution may mentor a small financial institution, so that the small institution can be ready to serve as a financial agent or can improve its capacity to serve its customers.
What the document actually says“The Secretary shall establish a program to be known as the `Financial Agent Mentor-Protege Program' (in this subsection referred to as the `Program') under which a financial agent designated by the Secretary or a large financial institution may serve as a mentor, under guidance or regulations prescribed by the Secretary, to a small financial institution”
The Treasury must set up a program. Under it a large bank may mentor a small one. The Treasury writes the rules for how that works.
A financial agent is a bank the Treasury uses to do its work. Small banks may not know how. Mentoring is meant to close that gap.
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