Savings and Loan Supervisory Act

Savings and Loan Supervisory Act - Title I: Separation of Federal Savings and Loan Insurance Corporation and Federal Home Loan Bank Board - Makes the Federal Savings and Loan Insurance Corporation an independent corporate instrumentality of the United States. Prohibits the three members of the board of trustees from holding any other position in the Federal Government.

Reestablishes, under the Federal Home Loan Bank Act and the National Housing Act, the Board of Trustees as the functioning head of the Corporation in place of the Federal Home Loan Bank Board.

Defines, under the Bank Protection Act of 1968, as a Federal supervisory agency the Federal Savings and Loan Insurance Corporation with respect to institutions insured by the Corporation.

Title II: Administrative Procedures of the Federal Home Loan Bank Board - States that the Federal Home Loan Bank Board shall not impose requirements on institutions organized otherwise than under the laws of the United States to which Federal associations are not subject, nor shall the Board grant privileges or immunities to Federal associations which it does not grant to other savings institutions.

Provides for the review in United States Courts of Appeal of actions of the Federal Federal Home Loan Bank Board.

Prohibits, under the Home Owners' Loan Act of 1933, such Board from granting a charter or permission to operate a branch office or other office facility of a Federal savings and loan association without giving notice and opportunity for a hearing.

Prohibits the granting of a charter or permission to operate to a branch office or such an association unless there is a need for it, it will be useful and successful, and it will not cause undue injury to property conducted by existing local thrift and home financing institutions.

Provides that associations may operate such branch offices as they had in operation on December 31, 1977.

Sets forth conditions under which a Federal association resulting from conversion of a State association may retain and operate branch offices.

Prescribes procedures by which a Federal association shall establish and operate new branches.