---
kind: "section"
citation: "12 U.S.C. § 1464a"
title: "12"
title_heading: "Banks and Banking"
number: "1464a"
heading: "Election to operate as a covered savings association"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/1464a"
units:
  - "Chapter 12 — Savings Associations"
---

# §1464a. Election to operate as a covered savings association

- (a) **Definition—** In this section, the term “covered [savings association](/usc/12/1462.md?p=2)” means a [Federal savings association](/usc/12/1462.md?p=3) that makes an election that is approved under [subsection (b)](#b).
- (b) **Election—**
  - (1) **In general—** In accordance with the rules issued under [subsection (f)](#f), a [Federal savings association](/usc/12/1462.md?p=3) with total consolidated assets equal to or less than $20,000,000,000, as reported by the association to the [Comptroller](/usc/12/1462.md?p=9) as of December 31, 2017, may elect to operate as a covered [savings association](/usc/12/1462.md?p=2) by submitting a notice to the [Comptroller](/usc/12/1462.md?p=9) of that election.
  - (2) **Approval—** A [Federal savings association](/usc/12/1462.md?p=3) shall be deemed to be approved to operate as a covered [savings association](/usc/12/1462.md?p=2) beginning on the date that is 60 days after the date on which the [Comptroller](/usc/12/1462.md?p=9) receives the notice submitted under [paragraph (1)](#b-1), unless the [Comptroller](/usc/12/1462.md?p=9) notifies the [Federal savings association](/usc/12/1462.md?p=3) that the [Federal savings association](/usc/12/1462.md?p=3) 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](/usc/12/1462.md?p=2) shall—
  - (1) have the same rights and privileges as a [national bank](/usc/12/1462.md?p=4) that has the main office of the [national bank](/usc/12/1462.md?p=4) situated in the same location as the home office of the covered [savings association](/usc/12/1462.md?p=2); and
  - (2) be subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to a [national bank](/usc/12/1462.md?p=4) described in [paragraph (1)](#c-1).
- (d) **Treatment of covered savings associations—** A covered [savings association](/usc/12/1462.md?p=2) shall be treated as a [Federal savings association](/usc/12/1462.md?p=3) for the purposes—
  - (1) of governance of the covered [savings association](/usc/12/1462.md?p=2), including incorporation, bylaws, [boards](/usc/12/1462.md?p=8) of [directors](/usc/12/5481.md?p=10), shareholders, and distribution of dividends;
  - (2) of consolidation, merger, dissolution, conversion (including conversion to a stock bank or to another charter), conservatorship, and receivership; and
  - (3) determined by regulation of the [Comptroller](/usc/12/1462.md?p=9).
- (e) **Existing branches—** A covered [savings association](/usc/12/1462.md?p=2) may continue to operate any branch or agency that the covered [savings association](/usc/12/1462.md?p=2) operated on the date on which an election under [subsection (b)](#b) is approved.
- (f) **Rule making—** The [Comptroller](/usc/12/1462.md?p=9) shall issue rules to carry out this section—
  - (1) that establish streamlined standards and procedures that clearly identify required documentation and timelines for an election under [subsection (b)](#b);
  - (2) that require a [Federal savings association](/usc/12/1462.md?p=3) that makes an election under [subsection (b)](#b) to identify specific assets and subsidiaries that—
    - (A) do not conform to the requirements for assets and subsidiaries of a [national bank](/usc/12/1462.md?p=4); and
    - (B) are held by the [Federal savings association](/usc/12/1462.md?p=3) on the date on which the [Federal savings association](/usc/12/1462.md?p=3) submits a notice of the election;
  - (3) that establish—
    - (A) a transition process for bringing the assets and subsidiaries described in [paragraph (2)](#f-2) into conformance with the requirements for a [national bank](/usc/12/1462.md?p=4); and
    - (B) procedures for allowing the [Federal savings association](/usc/12/1462.md?p=3) to submit to the [Comptroller](/usc/12/1462.md?p=9) an application to continue to hold assets and subsidiaries described in [paragraph (2)](#f-2) after electing to operate as a covered [savings association](/usc/12/1462.md?p=2);
  - (4) that establish standards and procedures to allow a covered [savings association](/usc/12/1462.md?p=2) to—
    - (A) terminate an election under [subsection (b)](#b) after an appropriate period of time; and
    - (B) make a subsequent election under [subsection (b)](#b) after terminating an election under [subparagraph (A)](#f-4-A);
  - (5) that clarify requirements for the treatment of covered [savings associations](/usc/12/1462.md?p=2), including the provisions of law that apply to covered [savings associations](/usc/12/1462.md?p=2); and
  - (6) as the [Comptroller](/usc/12/1462.md?p=9) determines necessary in the interests of safety and soundness.
- (g) **Grandfathered covered savings associations—** Subject to the rules issued under [subsection (f)](#f), a covered [savings association](/usc/12/1462.md?p=2) may continue to operate as a covered [savings association](/usc/12/1462.md?p=2) if, after the date on which the election is made under [subsection (b)](#b), the covered [savings association](/usc/12/1462.md?p=2) has total consolidated assets greater than $20,000,000,000.

## Source credit

(June 13, 1933, ch. 64, § 5A, as added Pub. L. 115–174, title II, § 206, May 24, 2018, 132 Stat. 1310.)