,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #affa  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #bf1 #bjae ,mr4  
,ro?fus 7= himself1 ,mr4 ,/iv]s1 & ,mr4 
,b>r7 introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d ! ,f$]al  
,deposit ,insurance ,act to all[ mutual 
capital c]tificates to satisfy capital  
requirem5ts = mutual depositories4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,mutual ,bank ,capital ,opportunity ,act
 ( #bjae4  #b4 ,treatm5t ( mutual       
capital c]tificates  7a7 ,9 g5]al       
,section #ch ( ! ,f$]al ,deposit        
,insurance ,act 7#ab ,u4,s4,c4 #ahcao7  
is am5d$--  7#a7 9 subsection 7b77#b7-- 
7,a7 by r$esignat+ subp>agraphs 7,f7    
?r\gh 7,i7 z subp>agraphs 7,h7 ?r\gh    
7,k71 respectively2 &  7,b7 by ins]t+   
aft] subp>agraph 7,e7 ! foll[+ new      
subp>agraphs3  7,f7 ,mutual capital     
c]tificate ,! t]m mutual capital        
c]tificate means a f9ancial in/rum5t    
issu$ by a mutual depository pursuant to

 subsection 7c77#a77;,c7 t--  7i7 is    
subord9ate to all claims aga9/ su*      
mutual depository2  7ii7 is unsecur$ by 
! assets ( su* mutual depository2  7iii7
 does n p]mit preemptive rights2  7iv7  
does n provide vot+ or memb] rights to !
 hold] unless ! bo>d ( directors ( su*  
mutual depository proposes to *ange !   
specific t]ms ( any class ( su*         
c]tificates 9 a mann] adv]se to !       
int]e/s ( ! hold]2  7v7 is n eligible = 
use z collat]al = any loan made by su*  
mutual depository2  7vi7 if decl>$ by ! 
bo>d ( directors ( su* mutual           
depository1 entitles ! hold] to a paym5t
 ( fix$1 v>iable1 or p>ticipat+         
divid5ds2 &  7vii7 is n r$eemable until 
! date t is #e ye>s aft] ! date (       
issuance1 except 9 ! case ( m]g]1       
conv]sion1 or consolidation ( su* mutual
 depository1 or reorganization ( su*    
mutual depository into a mutual hold+   
company or a ,f$]al mutual bank hold+   
company 7z su* t]m is def9$ 9 section   
#eacc;,a7a7 ( ! ,revis$ ,/atutes ( !    

,unit$ ,/ates74  7,g7 ,mutual depository
 ,! t]m mutual depository means an      
insur$ depository in/itution op]at+ 9 a 
non-/ock =m1 includ+ a ,f$]al non-/ock  
depository & any =m ( non-/ock          
depository provid$ = "u ,/ate law1 !    
deposits ( :i* are insur$ by an         
in/rum5tality ( ! ,f$]al ,gov]nm5t4  2 &
  7#b7 9 subsection 7c77#a7-- 7,a7 9    
subp>agraph 7,a71 by ins]t+ &           
subp>agraph 7,c7 aft] subp>agraph       
7,b77ii72 &  7,b7 by ins]t+ aft]        
subp>agraph 7,b7 ! foll[+ new           
subp>agraph3  7,c7 ,mutual capital      
c]tificates ,a mutual depository is     
au?oriz$ to issue mutual capital        
c]tificates t %all qualify z common     
equity ,ti] #a capital 7z su* t]m is    
def9$ by ! appropriate ,f$]al bank+     
ag5cy7 = purposes ( any capital         
requirem5ts m&at$ by any ,f$]al law or  
regulation4  4  7b7 ,regulations ,n lat]
 ?an #ahj days aft] ! date ( enactm5t ( 
?is section1 ! appropriate ,f$]al bank+ 
ag5cies 7z def9$ 9 section #c ( ! ,f$]al

 ,deposit ,insurance ,act 7#ab ,u4,s4,c4
 #ahac77 %all jo9tly issue regulations  
to implem5t ?is section4