Advancing the Mentor-Protégé Program for Small Financial Institutions Act

This bill establishes a new mentorship program pairing large financial institutions with small financial institutions (defined as those with $2 billion or less in assets, minority depository institutions, or rural banks) to help them prepare for or improve their ability to serve as government financial agents. Under the program, the Treasury Secretary will create guidelines for mentors to provide guidance on performing financial agent duties or enhancing customer services. The program requires annual outreach events to recruit participants and mandates annual reporting to Congress on participation numbers and outreach activities. It directly affects small financial institutions seeking to expand their government contracting capabilities, with no cost or tax implications specified in the bill text.