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Savings and Loan

Savings and Loan Definition

A Savings and Loan (or S&L) is a banking institution that operates similarly to retail banks and credit unions.  The main purpose of savings and loan associations was to permit members to deposit savings and get a loan at competitive rates.  Savings and loans banks can offer competitive rates because it is mutually owned by its members so a third party does not benefit much like how a food cooperative operates. 


Additional meaning of Savings and Loan:

In the mid-1980s, these operations were very popular.  After some well established Savings and Loans failed, so did their popularity.  In 1989 the government instituted stronger control over Savings and Loans and deposits came under the protection of FDIC (Federal Deposit Insurance Corporation) insurance.


RELATED TERMS
S&L
Savings And Loan Crisis
Thrift
RELATED CATEGORIES
Banking







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