Garn-St. Germain Depository Institutions Act

(redirected from Garn-St. Germain depository institutions Act of 1982)
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Garn-St. Germain Depository Institutions Act

Legislation in the United States allowing federal savings and loan associations to offer adjustable-rate mortgages.. The Act was passed to encourage homeownership by making loans available to more persons. However, it is considered to have contributed to the savings and loan crisis, whereby a large number of S&Ls failed in the late 1980s. The Act was passed in 1982.
References in periodicals archive ?
These minor attempts at deregulation are 1) the Depository Institutions Deregulation and Monetary Control Act of 1980, 2) the Garn-St. Germain Depository Institutions Act of 1982, and 3) the Gramm-Leach-Bliley Act of 1999.
An Examination of the Impact of the Garn-St. Germain Depository Institutions Act of 1982 on Commercial Banks and Savings and Loans, Journal of Finance, 35:95-110.
The Garn-St. Germain Depository Institutions Act of 1982 further enabled thrifts to compete for funds by authorizing depository institutions to offer money market deposit accounts with no rate ceiling.