; 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.