A federal agency that supervises all federal savings and loan associations and federally insured state-chartered savings and loan associations. The FHLBB also directs the Federal Home Loan Bank System, which provides a flexible credit facility for members to promote home financing; the Federal Savings and Loan Insurance Corp., which insures accounts at federal savings and loan associations and some state-chartered associations; and the Federal Home Loan Mortgage Corp., which was established in 1970 to promote secondary markets for mortgages.