US Congress House Bill 1661 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 9-1)
Status: Introduced on March 26 2015 - 25% progression, died in committee
Action: 2015-03-26 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Mutual Bank Capital Opportunity Act of 2015 Amends the Federal Deposit Insurance Act to authorize a mutual depository to issue mutual capital certificates that qualify as common equity Tier 1 capital for purposes of capital requirements mandated by federal law or regulation. Defines "mutual capital certificate" as a financial instrument issued by a mutual depository that entitles the holder to a payment of fixed, variable, or participating dividends (if its board of directors so declares) but no voting or member rights, nor is it redeemable until five years after issuance. Defines "mutual depository" as 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, whose deposits are insured by an instrumentality of the federal government.

Mutual Bank Capital Opportunity Act of 2015

Rep. Keith Rothfus [R-PA]	Rep. Steve Stivers [R-OH]	Rep. Garland Barr [R-KY]	Rep. Albio Sires [D-NJ]
Rep. Blaine Luetkemeyer [R-MO]	Rep. Scott Tipton [R-CO]	Rep. Reid Ribble [R-WI]	Rep. Lynn Jenkins [R-KS]
Sen. Todd Young [R-IN]	Rep. Scott Rigell [R-VA]

Date	Chamber	Action
2015-03-26	House	Referred to the House Committee on Financial Services.
2015-03-26	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/1661/all-info
Text	https://www.congress.gov/114/bills/hr1661/BILLS-114hr1661ih.pdf