savings and loan association

savings and loan association
One of a number of types of mutually-owned, cooperative, savings associations, originally established for the primary purpose of making loans to members and others, usually for the purchase of real estate or homes; though in the 1980's S & L's expanded into commercial and other non-mortgage loans and services. Such may be chartered by the state, or by the federal government, in which case it is known as a "Federal Savings and Loan Association." The deposits are insured by the Federal Deposit Insurance Corporation. The Financial Institution's Reform, Recovery and Enforcement Act of 1989 significantly changed the capital requirements, loan powers, and regulatory control of S & L's.
See also building and loan association.
A bank chartered by the Federal Home Loan Bank Board and engaged primarily in making home loan mortgages from the savings accounts of the depositors. Associations at the federal level are regulated by the Federal Home Loan Bank System

Black's law dictionary. . 1990.

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  • savings and loan association — sav·ings and loan association n: a cooperative association organized to hold savings of members in the form of dividend bearing shares and to invest chiefly in home mortgage loans Merriam Webster’s Dictionary of Law. Merriam Webster. 1996.… …   Law dictionary

  • savings and loan association — ☆ savings and loan association n. 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 …   English World dictionary

  • Savings and loan association — A savings and loan association, also known as a thrift, is a financial institution that specializes in accepting savings deposits and making mortgage loans. The term is mainly used in the United States; similar institutions in the United Kingdom …   Wikipedia

  • savings and loan association — noun a thrift institution that is required by law to make a certain percentage of its loans as home mortgages • Syn: ↑savings and loan • Hypernyms: ↑thrift institution • Hyponyms: ↑building society * * * noun : a cooperative association …   Useful english dictionary

  • savings and loan association — a cooperative savings institution, chartered and regulated by a state or the federal government, that receives deposits in exchange for shares of ownership and invests its funds chiefly in loans secured by first mortgages on homes. Also called… …   Universalium

  • Savings and Loan association — National or state chartered institution that accepts savings deposits and invests the bulk of the funds thus received in mortgages. The New York Times Financial Glossary * * * Savings and Loan Association ˌSavings and ˈLoan Associˌation also… …   Financial and business terms

  • savings and loan association — National or state chartered institution that accepts savings deposits and invests the bulk of the funds thus received in mortgages. Bloomberg Financial Dictionary * * * Savings and Loan Association ˌSavings and ˈLoan Associˌation also ˌsavings… …   Financial and business terms

  • savings and loan association — UK / US noun [countable] Word forms savings and loan association : singular savings and loan association plural savings and loan associations American a building society …   English dictionary

  • savings and loan association — savings and loan associ,ation noun count AMERICAN * a company that you have a savings account with and that lends you money for a mortgage when you want to buy a house …   Usage of the words and phrases in modern English

  • savings and loan association — noun Date: 1884 a cooperative association organized to hold savings of members in the form of dividend bearing shares and to invest chiefly in home mortgage loans called also savings and loan …   New Collegiate Dictionary

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