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 1. Glossary
 2. S
 3. Savings and loan association (S&L)


SAVINGS AND LOAN ASSOCIATION (S&L)

What does savings and loan mean? Let Bankrate explain.

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WHAT IS A SAVINGS AND LOAN ASSOCIATION (S&L)?

A savings and loan association — also called an S&L, a thrift, or simply a
savings and loan — is a financial institution similar to a bank that specializes
in helping people get residential mortgages. Savings and loan associations can
be owned either by their customers or by shareholders, but they were primarily
meant to let the average person pool his money so that members could purchase
homes.


DEEPER DEFINITION

In the early 20th century, the U.S. government wanted to encourage people to buy
a home, and Congress passed the Federal Home Loan Bank Act to charter savings
and loan associations. These institutions are mutually owned, letting
working-class people pool their money in order to help members finance
mortgages. By the 1950s, S&Ls had dramatically expanded in order to accommodate
the mass migration of baby boomers into the suburbs.

In the mid-1980s to mid-1990s, nearly a third of S&Ls became insolvent after a
steep rise in interest rates exceeded their ability to cover deposits and
customers moved their money into other savings instruments like money market
accounts. The ensuing savings and loan crisis cost taxpayers $132.1 billion.

Savings and loan associations were insured by the Federal Savings and Loan
Insurance Corp. until the crisis. Since 1989, S&Ls have come under the purview
of the Federal Deposit Insurance Corp (FDIC).

Mortgages comprise the majority of the financial products sold by S&Ls, and
generally they offer a wider variety of mortgage types than commercial banks.
However, savings and loan associations have unique legal restrictions as to how
their assets can be used: they may only lend up to 20 percent of their assets
in commercial loans and must lend at least 65 percent of their assets
as mortgages.

Regulators allowed S&Ls to offer personal credit and checking accounts for the
first time in 1980. Those that survived the savings and loan crisis offer more
competitive interest rates for products more associated with banks like savings
accounts and certificates of deposit.

Looking for the right institution to take out a mortgage? Let Bankrate be your
guide.




SAVINGS AND LOAN ASSOCIATION (S&L) EXAMPLE

Mountaintop Savings Bank, an entirely fictional but completely plausible savings
and loan association, survived the savings and loan crisis and continues to
exist to this day. It offers regular checking accounts and a variety of savings
products like CDs and retirement accounts in addition to the residential
mortgages that all S&Ls have to offer members. Before the crisis, it was called
Mountaintop Savings and Loan, but like many S&Ls that emerged from the
mid-1990s, it removed “savings and loan” from its name to let customers know of
its shifted focus.


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