; (ii) competency-based education program; including quality indicators, that include appropriate student outcome metrics, for such programs; and (iii) any other relevant definitions agreed upon; and (B) address— (i) the amount of learning in a competency unit; (ii) the transfer of competency-based education credits to other institutions or programs; (iii) the minimum amount of time in an academic year for competency-based education programs, for financial aid purposes; (iv) considerations for accreditation agencies before recognizing competency-based education programs; (v) address the role of faculty and faculty involvement in competency-based education programs; (vi) additional resources that may be needed for adequate oversight of competency-based education programs; and (vii) the responsiveness of competencies to the labor market and employers. (f) Reports (1) Interim reports Not later than 2 years after the date of enactment of this Act, and biennially thereafter until the final report is submitted under paragraph (2), the Council shall prepare and submit to the Secretary of Education and Congress and make available to the public a report that provides ongoing feedback to the annual evaluations of the demonstration projects under section 486B(g)(2) of the Higher Education Act of 1965, including a discussion of implementation challenges programs face, and the items listed in subsection (e)(2)(B). (2) Final report Not later than 6 years after the date of enactment of this Act, the Council shall prepare and submit to the Secretary of Education and Congress and make available to the public a report containing the findings of the study under subsection (e)(1) and the recommendations developed under subsection (e)(2).