savings and loan association

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Related to Savings and loan associations: savings bank, Thrift institutions, s&ls

Savings and loan association

National- or state-chartered institution that accepts savings deposits and invests the bulk of the funds thus received in mortgages.

Federal Savings and Loan Association

A federally chartered bank that specializes in taking deposits for checking and savings accounts, as well as making home mortgages. Savings and loan associations tend to be smaller than other banks and are more focused on the local communities in which they operate. It is sometimes (but not always) easier to obtain a loan from a savings and loan association because it may have better knowledge of the local market. They derive most of their funds from customer savings accounts, but they also generally have easy access to loans from the Federal Home Mortgage Banks. They are also known as thrifts. They are regulated by the Office of Thrift Supervision.

savings and loan association (S&L)

A deposit-gathering financial institution that is primarily engaged in making loans on real estate. Although many S&Ls are owned by their depositors, some are organized as profit-making institutions with stock that is publicly traded. See also thrift.

savings and loan association

A financial institution that specializes in consumer deposits and residential mortgages.

References in periodicals archive ?
He emphasised that members of savings and loan associations should be aware of the operations of the associations as well as of the risks they involve.
From this angle, savings and loan associations do not pose large risks to financial stability, since their deposit volume makes up just 0.5% of the banking sectors total deposit volume.
So far in this decade, savings and loan associations and savings banks have originated 25 percent of residential mortgages - compared with 50 percent over the previous twenty years - and hold, on average, only 28 percent of outstanding residential mortgage debt, compared with two-thirds during the earlier period.
The Federal Home Loan Bank (FHLB) System historically had served as a key funding source for savings and loan associations by issuing debt in the national money markets and lending the proceeds to its member associations.
The sample included all the major types of mortgage originators in the United States--commercial banks, savings and loan associations, savings banks, credit unions, and mortgage banks; 873 observations were not classified by type of firm.
The financial institutions covered are commercial banks; thrift institutions (savings and loan associations, savings banks, and credit unions); finance companies; leasing companies; and money market mutual fund companies, brokerage companies, mortgage banks, and insurance companies.
Homeowners have refinanced mortgage debts through a wide range of financial institutions, although commercial banks and savings institutions (savings and loan associations and savings banks) have been the predominant sources of funds (table3).
Today the home equity loan market is dominated by depository institutions, especially commercial banks and to a lesser extent savings institutions (savings and loan associations and savings banks) (table 1).
Moreover, to help attract responsible buyers for troubled thrift institutions, and as a result of the important changes in the environment for interstate banking, the Federal Reserve Board intends to reconsider the tandem operations restrictions on applications brought to the Board for acquisitions of failed or failing savings and loan associations. In addition, under a joint lending program the Federal Reserve Banks and Federal Home Loan Banks will share in meeting the liquidity needs of thrift institutions that cannot be met by Federal Home Loan Bank advances under traditional collateral standards, or market sources of funds.
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