A federal or state-chartered financial institution that accepts deposits primarily from individuals and then loans money out in mortgages, car loans, or other debt. Savings and loans in the United States went through a period of turmoil in the late 1980s as rising interest rates and deregulation led to the failure of many S&Ls. The Federal Savings and Loan Insurance Corporation (FSLIC) was disbanded and the Office of Thrift Supervision, which is part of the U.S. Treasury Department, took its place. The Resolution Trust Corporation and the Resolution Funding Corporation were created to close down failed S&Ls and reimburse account holders.