,,ii  #aae? ,,congress  #a/ ,session    
,s4 #efg  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #h1 #bjag,ms4     
,heitkamp introduc$ ! foll[+ bill2 :i* 0
 read twice & ref]r$ to ! ,committee on 
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,home ,own]s' ,loan  
,act to all[ ,f$]al sav+s associations  
to elect to op]ate z national banks1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,f$]al ,sav+s      
,association ,*>t] ,flexibility ,act (  
#bjag4  #b4 ,option = ,f$]al sav+s      
associations to op]ate z a cov]$ sav+s  
association ,! ,home ,own]s' ,loan ,act 
7#ab ,u4,s4,c4 #adfa et seq47 is am5d$  
by ins]t+ aft] section #e ! foll[+3     
#e;,a4 ,election to op]ate z a cov]$    
sav+s association  7a7 ,def9ition ,9 ?is
 section1 ! t]m cov]$ sav+s association 
means a ,f$]al sav+s association t makes
 an election approv$ "u subsection 7b74 
7b7 ,election  7#a7 ,9 g5]al ,^u        
issuance ( ! rules describ$ 9 subsection
 7f71 a ,f$]al sav+s association may    

elect to op]ate z a cov]$ sav+s         
association by submitt+ a notice to !   
,comptroll] ( su* election4  7#b7       
,approval ,a ,f$]al sav+s association   
%all be deem$ to be approv$ to op]ate z 
a cov]$ sav+s association on ! date t is
 #fj days aft] ! date on :i* !          
,comptroll] receives ! notice "u        
p>agraph 7#a71 unless ! ,comptroll]     
notifies ! ,f$]al sav+s association     
o!rwise4  7c7 ,rights & duties ,not)/&+ 
any o!r provision ( law & except z      
o!rwise provid$ 9 ?is section1 a cov]$  
sav+s association %all--  7#a7 h ! same 
rights & privileges z a national bank t 
has its ma9 (fice situat$ 9 ! same      
location z ! home (fice ( ! cov]$ sav+s 
association2 &  7#b7 be subject to !    
same duties1 re/rictions1 p5alties1     
liabilities1 conditions1 & limitations t
 w\ld apply to su* a national bank4  7d7
 ,treatm5t ( cov]$ sav+s associations ,a
 cov]$ sav+s association %all be treat$ 
z a ,f$]al sav+s association = !        
purposes-- 7#a7 ( gov]nance ( ! cov]$   

sav+s association1 includ+              
incorporation1 bylaws1 bo>ds (          
directors1 %>ehold]s1 & di/ribution (   
divid5ds2  7#b7 ( consolidation1 m]g]1  
dissolution1 conv]sion 7includ+         
conv]sion to a /ock bank or to ano!r    
*>t]71 cons]vator%ip1 & receiv]%ip2 &   
7#c7 det]m9$ by regulation ( !          
,comptroll]4  7e7 ,exi/+ bran*es ,a     
cov]$ sav+s association may cont9ue to  
op]ate any bran* or ag5cy ! cov]$ sav+s 
association op]at$ on ! date on :i* an  
election "u subsection 7b7 is approv$4  
7f7 ,rulemak+ ,! ,comptroll] %all issue 
rules to c>ry out ?is section-- 7#a7 t  
e/abli% /reaml9$ /&>ds & proc$ures t    
cle>ly id5tify requir$ docum5tation or  
timel9es = an election "u subsection    
7b72  7#b7 t require a ,f$]al sav+s     
association t makes an election "u      
subsection 7b7 to id5tify specific      
assets & subsidi>ies--  7,a7 t d n con=m
 to ! requirem5ts = assets & subsidi>ies
 ( a national bank2 &  7,b7 t are held  
by ! ,f$]al sav+s association on ! date 

on :i* ! ,f$]al sav+s association       
submits a notice ( su* election2  7#c7 t
 e/abli%-- 7,a7 a transition process =  
br++ su* assets & subsidi>ies into      
con=mance ) ! requirem5ts = a national  
bank2 &  7,b7 proc$ures = all[+ ! ,f$]al
 sav+s association to provide a         
ju/ification = gr&fa!r+ su* assets &    
subsidi>ies aft] elect+ to op]ate z a   
cov]$ sav+s association2  7#d7 t e/abli%
 /&>ds & proc$ures to all[ a cov]$ sav+s
 association to t]m9ate an election "u  
subsection 7b7 aft] an appropriate p]iod
 ( "t or to make a subsequ5t election2  
7#e7 t cl>ify requirem5ts = ! treatm5t (
 cov]$ sav+s associations1 includ+ !    
provisions ( law t apply to cov]$ sav+s 
associations2 &  7#f7 z ! ,comptroll]   
deems necess>y & 9 ! int]e/s ( safety & 
s\ndness4  4