Management Interlocks Revision Act of 1988

[AI summary unavailable — showing source text] Management Interlocks Revision Act of 1988 - Amends the Depository Institution Management Interlocks Act to revise the definition of "affiliated" corporation to mean a corporation which is 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 of a depository institution with total assets of less than $100,000,000. 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 a $1,000,000,000 institution or holding company with an unaffiliated $500,000,000 institution or holding company in cases of: (1) failed or failing institutions which are acquired by another depository institution or depository holding company during a specified five-year period; and (2) any diversified savings and loan holding company if the appropriate Federal depository institutions regulatory agencies do not disapprove. Defines the "appropriate depository institutions regulatory agency" for purpos…