; and (ii) satisfies such other criteria as the appropriate Federal banking agencies determine appropriate. . 206. Option for Federal savings associations to operate as covered savings associations The Home Owners’ Loan Act ( 12 U.S.C. 1461 et seq.) is amended by inserting after section 5 ( 12 U.S.C. 1464 ) the following: 5A. Election to operate as a covered savings association (a) Definition In this section, the term covered savings association means a Federal savings association that makes an election that is approved under subsection (b). (b) Election (1) In general Upon issuance of rules under subsection (f), and in accordance with those rules, a Federal savings association with total consolidated assets equal to or less than $15,000,000,000 may elect to operate as a covered savings association by submitting a notice to the Comptroller of that election. (2) Approval A Federal savings association shall be deemed to be approved to operate as a covered savings association beginning on the date that is 60 days after the date on which the Comptroller receives the notice submitted under paragraph (1), unless the Comptroller notifies the Federal savings association that the Federal savings association is not eligible. (c) Rights and duties Notwithstanding any other provision of law, and except as otherwise provided in this section, a covered savings association shall— (1) have the same rights and privileges as a national bank that has the main office of the national bank situated in the same location as the home office of the covered savings association; and (2) be subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to a national bank described in paragraph (1). (d) Treatment of covered savings associations A covered savings association shall be treated as a Federal savings association for the purposes— (1) of governance of the covered savings association, including incorporation, bylaws, boards of directors, shareholders, and distribution of dividends