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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Mutual Bank Capital Opportunity Act
of 2017''.

SEC. 2. TREATMENT OF MUTUAL CAPITAL CERTIFICATES.

(a) In General.--Section 38 of the Federal Deposit Insurance Act
(12 U.S.C. 1831o) is amended--
(1) in subsection (b)(2)--
(A) by redesignating subparagraphs (F) through (I)
as subparagraphs (H) through (K), respectively; and
(B) by inserting after subparagraph (E) the
following new subparagraphs:
''(F) Mutual capital certificate.--The term 'mutual
capital certificate' means a financial instrument
issued by a mutual depository pursuant to subsection
(c)(1)(C) that--
''(i) is subordinate to all claims against
such mutual depository;
''(ii) is unsecured by the assets of such
mutual depository;
''(iii) does not permit preemptive rights;
''(iv) does not provide voting or member
rights to the holder unless the board of
directors of such mutual depository proposes to
change the specific terms of any class of such
certificates in a manner adverse to the
interests of the holder;
''(v) is not eligible for use as collateral
for any loan made by such mutual depository;
''(vi) if declared by the board of
directors of such mutual depository, entitles
the holder to a payment of fixed, variable, or
participating dividends; and
''(vii) is not redeemable until the date
that is 5 years after the date of issuance,
except in the case of merger, conversion, or
consolidation of such mutual depository, or
reorganization of such mutual depository into a
mutual holding company or a Federal mutual bank
holding company (as such term is defined in
section 5133A(a) of the Revised Statutes of the
United States).
''(G) Mutual depository.--The term 'mutual
depository' means an insured depository institution
operating in a non-stock form, including a Federal non-
stock depository and any form of non-stock depository
provided for under State law, the deposits of which are
insured by an instrumentality of the Federal
Government.''; and
(2) in subsection (c)(1)--
(A) in subparagraph (A), by inserting ''and
subparagraph (C)'' after ''subparagraph (B)(ii)''; and
(B) by inserting after subparagraph (B) the
following new subparagraph:
''(C) Mutual capital certificates.--A mutual
depository is authorized to issue mutual capital
certificates that shall qualify as common equity Tier 1
capital (as such term is defined by the appropriate
Federal banking agency) for purposes of any capital
requirements mandated by any Federal law or
regulation.''.
(b) Regulations.--
(1) Implementation.--Not later than 180 days after the date
of the enactment of this section, the appropriate Federal
banking agencies (as defined in section 3 of the Federal
Deposit Insurance Act (12 U.S.C. 1813)) shall jointly issue
regulations to implement this section.
(2) Other financial instruments.--
(A) In general.--Not later than 90 days after the
date of the enactment of this section, the appropriate
Federal banking agencies shall jointly issue
regulations identifying other financial instruments,
aside from mutual capital certificates, that mutual
depositories may issue that shall qualify as additional
Tier 1 capital (as such term is defined by the
appropriate Federal banking agency) for purposes of any
capital requirements mandated by any Federal law or
regulation.
(B) Definitions.--The terms ''mutual capital
certificate'' and ''mutual depository'' have the
meaning given such terms in section 38(b)(2) of the
Federal Deposit Insurance Act (12 U.S.C. 1831o(b)(2)).
(c) Report to Congress.--Not later than 6 months after the date of
the enactment of this section, and every 6 months thereafter until the
date which is 3 years after the date of the enactment of this section,
the appropriate Federal banking agencies shall submit a report to
Congress on the progress of such agencies in promulgating the
regulations described in subsection (b). Such report shall include a
description of outreach efforts to the financial industry and any
barriers to implementation of the requirements of this section.
Mutual Bank Capital Opportunity Act of 2017 This bill amends the Federal Deposit Insurance Act to allow mutual capital certificates issued bya 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 ofsatisfying federalcapital requirements. A"mutual capital certificate" isa 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 madeby 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.