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savings and loan association

noun

  1. 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. : S&L, S and L


savings and loan association

noun

  1. a US name for a building society
“Collins English Dictionary — Complete & Unabridged” 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012


savings and loan association

  1. A financial institution that resembles a bank but that historically did not offer services such as personal checking accounts and that invested capital mainly in home mortgages . In the late 1970s, Congress passed legislation freeing savings and loan associations (often called S&Ls) from their traditional dependency on home mortgage loans. In response, S&Ls invested their capital, often unwisely, in a range of enterprises, especially real estate. In the late 1980s, hundreds of S&Ls went bankrupt, leaving the federal government, which insured the accounts of depositors, with an enormous bill. Since then they have been subject to tighter regulation .


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