1. Short title This Act may be cited as the Federal Savings Association Charter Flexibility Act of 2017 . 2. Option for Federal savings associations to operate as a covered savings association The Home Owners’ Loan Act 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 approved under subsection (b). (b) Election (1) In general Upon issuance of the rules described in subsection (f), a Federal savings association may elect to operate as a covered savings association by submitting a notice to the Comptroller of such election. (2) Approval A Federal savings association shall be deemed to be approved to operate as a covered savings association on the date that is 60 days after the date on which the Comptroller receives the notice under paragraph (1), unless the Comptroller notifies the Federal savings association otherwise. (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 its main office 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 such a national bank. (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; (2) of consolidation, merger, dissolution, conversion (including conversion to a stock bank or to another charter), conservatorship, and receivership