savings and loan association Hear it!

savings and loan association Definition

savings and loan association

noun

a depositor-owned organization that solicits savings to be placed in saving accounts or in share accounts, on which interest or dividends are paid, and from which mortgage loans on homes or real estate are made

savings and loan (S&L) association Finance Definition
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.
savings and loan association Law Definition
See bank.

Browse dictionary entries near savings and loan association

  1. savings account
  2. savings
  3. saving clause
  4. saving
  5. savin
  6. saveloy
  7. saved
  8. save-all
  9. save
  10. savate
  1. savings bank
  2. savings bond
  3. savings deposit
  4. savings rate
  5. savior
  6. Savoie
  7. savoir-faire
  8. savoir-vivre
  9. Savonarola
  10. savor