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To amend the Federal Deposit Insurance Act to allow mutual capital certificates to satisfy capital requirements for mutual depositories.

USA115th CongressHR-1595| House 
| Updated: 3/17/2017
Keith J. Rothfus

Keith J. Rothfus

Republican Representative

Pennsylvania

Cosponsors (2)
Steve Stivers (Republican)Scott R. Tipton (Republican)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Mutual Bank Capital Opportunity Act of 2017 This bill amends the Federal Deposit Insurance Act to allow mutual capital certificates issued by a mutual depository (i.e., a federally insured depository institution operating in a non-stock form) to qualify as common-equity Tier 1 capital for purposes of satisfying federal capital requirements. A "mutual capital certificate" is a financial instrument that: (1) is subordinate to all claims against, and unsecured by the assets of, the issuing mutual depository; (2) does not permit preemptive rights; (3) in general, does not provide voting or member rights; (4) is not eligible for use as collateral for any loan made by the issuing mutual depository; (5) entitles the holder to a payment of fixed, variable, or participating dividends (if the depository's board so declares); and (6) is generally not redeemable until five years after issuance. The appropriate federal banking agencies must jointly issue regulations to implement these provisions and to identify other financial instruments issued by mutual depositories that shall qualify as additional Tier 1 capital for purposes of federal capital requirements. The agencies must submit to Congress a series of reports on their progress in promulgating such regulations.
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Timeline
Mar 17, 2017
Introduced in House
Mar 17, 2017
Referred to the House Committee on Financial Services.
  • March 17, 2017
    Introduced in House


  • March 17, 2017
    Referred to the House Committee on Financial Services.

Finance and Financial Sector

Administrative law and regulatory proceduresBank accounts, deposits, capitalBanking and financial institutions regulationCongressional oversightDepartment of the TreasuryFederal Deposit Insurance Corporation (FDIC)Federal Reserve System

To amend the Federal Deposit Insurance Act to allow mutual capital certificates to satisfy capital requirements for mutual depositories.

USA115th CongressHR-1595| House 
| Updated: 3/17/2017
Mutual Bank Capital Opportunity Act of 2017 This bill amends the Federal Deposit Insurance Act to allow mutual capital certificates issued by a mutual depository (i.e., a federally insured depository institution operating in a non-stock form) to qualify as common-equity Tier 1 capital for purposes of satisfying federal capital requirements. A "mutual capital certificate" is a financial instrument that: (1) is subordinate to all claims against, and unsecured by the assets of, the issuing mutual depository; (2) does not permit preemptive rights; (3) in general, does not provide voting or member rights; (4) is not eligible for use as collateral for any loan made by the issuing mutual depository; (5) entitles the holder to a payment of fixed, variable, or participating dividends (if the depository's board so declares); and (6) is generally not redeemable until five years after issuance. The appropriate federal banking agencies must jointly issue regulations to implement these provisions and to identify other financial instruments issued by mutual depositories that shall qualify as additional Tier 1 capital for purposes of federal capital requirements. The agencies must submit to Congress a series of reports on their progress in promulgating such regulations.
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Timeline
Mar 17, 2017
Introduced in House
Mar 17, 2017
Referred to the House Committee on Financial Services.
  • March 17, 2017
    Introduced in House


  • March 17, 2017
    Referred to the House Committee on Financial Services.
Keith J. Rothfus

Keith J. Rothfus

Republican Representative

Pennsylvania

Cosponsors (2)
Steve Stivers (Republican)Scott R. Tipton (Republican)

Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresBank accounts, deposits, capitalBanking and financial institutions regulationCongressional oversightDepartment of the TreasuryFederal Deposit Insurance Corporation (FDIC)Federal Reserve System