A bill to amend the Home Owners' Loan Act of 1933 to authorize cooperative banks which receive a charter as a Federal savings and loan association to retain all powers which they were granted under their State charter.

Amends the Home Owners' Loan Act of 1933 to permit any Federal savings bank or Federal savings and loan association formerly organized as a mutual savings bank or cooperative bank under State law to continue to make any investment or engage in any activity to the degree it was authorized to do so under State law.