A bill entitled, "The Management Interlocks Revision Act of 1988".

Amends the Depository Institutions Management Interlocks Act to revise the definition of "affiliated" corporation to mean a corporation which is more than 25 percent owned by persons who own more than 25 percent of another corporation. (Present law defines such term as 50 percent ownership.) Revises the definition of "management official" to exclude an advisory or honorary director. Defines the "primary Federal supervisor" for purposes of such Act to mean the agencies authorized to issue rules and regulations under such Act (the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, and the National Credit Union Administration).

Authorizes the primary Federal supervisor to grant an exception to the prohibition against the dual service of management officials of depository institutions within a primary metropolitan statistical area. Specifies that such an exception may be made upon a finding that such dual service of a management official would not result in a substantial lessening of competition.

Provides an exception to the prohibitions against dual service of management officials of depository institutions within a primary metropolitan statistical area and against dual service of management officials of $1,000,000,000 institutions with an unaffiliated $500,000,000 institution in cases of: (1) a company which has acquired a failed or failing insured institution pursuant to the emergency thrift acquisitions provisions of the National Housing Act; (2) a depository institution or depository holding company which has acquired a closed bank or a bank in danger of closing; and (3) any diversified savings and loan holding company with respect to the service of a director of a nonaffiliated depository institution or depository holding company as a director of the diversified savings and loan holding company if neither appropriate Federal supervisor disapproves.