What does savings and loan association mean?
Definitions for savings and loan association
sav·ings and loan as·so·ci·a·tion
This dictionary definitions page includes all the possible meanings, example usage and translations of the word savings and loan association.
Princeton's WordNet
savings and loan, savings and loan associationnoun
a thrift institution that is required by law to make a certain percentage of its loans as home mortgages
Wikipedia
Savings and loan association
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held (often called mutual savings banks), meaning that the depositors and borrowers are members with voting rights, and have the ability to direct the financial and managerial goals of the organization like the members of a credit union or the policyholders of a mutual insurance company. While it is possible for an S&L to be a joint-stock company, and even publicly traded, in such instances it is no longer truly a mutual association, and depositors and borrowers no longer have membership rights and managerial control. By law, thrifts can have no more than 20 percent of their lending in commercial loans—their focus on mortgage and consumer loans makes them particularly vulnerable to housing downturns such as the deep one the U.S. experienced in 2007.
ChatGPT
savings and loan association
A savings and loan association (S&L) is a type of financial institution, also known as a thrift, that specializes in accepting savings deposits and making home mortgage loans. These institutions often have community-oriented focus and customer service, allowing local residents to save money and borrow when needed, essentially promoting homeownership. S&L associations are often owned by their depositors (mutual companies) and have board members who are elected by the depositors. They are regulated under the Office of Thrift Supervision or the Office of the Comptroller of the Currency in the U.S.
Wikidata
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 and other loans. The terms "S&L" or "thrift" are mainly used in the United States; similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held, meaning that the depositors and borrowers are members with voting rights, and have the ability to direct the financial and managerial goals of the organization like the members of a credit union or the policyholders of a mutual insurance company. While it is possible for an S&L to be a joint-stock company, and even publicly traded, in such instances it is no longer truly a mutual association, and depositors and borrowers no longer have membership rights and managerial control. By law, thrifts can have no more than 20 percent of their lending in commercial loans — their focus on mortgage and consumer loans makes them particularly vulnerable to housing downturns such as the deep one the U.S. has experienced since 2007.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of savings and loan association in Chaldean Numerology is: 3
Pythagorean Numerology
The numerical value of savings and loan association in Pythagorean Numerology is: 7
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"savings and loan association." Definitions.net. STANDS4 LLC, 2024. Web. 26 Apr. 2024. <https://www.definitions.net/definition/savings+and+loan+association>.
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