A bill to provide Federal charters for mutual savings banks and to permit federally chartered savings and loan associations and mutual savings banks to offer checking accounts in States in which similar State chartered institutions are permitted to do so.

Amends the Home Owners' Loan Act to authorize the Federal Home Loan Bank Board to provide for the organization, operation, and regulation of associations which may be known as Federal Savings and Loan Associations of Federal Savings Banks. Allows for the chartering of such associations and permits them to offer checking accounts.

Amends the Federal Deposit Insurance Act to provide that whenever a State-chartered mutual savings bank which is insured by the Federal Deposit Insurance Corporation is converted into a Federal savings bank, the Federal Deposit Insurance Corporation shall calculate the amount in its capital account attributable to such mutual savings bank and shall transfer to such Federal Savings Bank the amount calculated in accordance with this Act.