Definition

1. Noun:
   • A type of financial institution: A savings and loan association is a specific kind of thrift institution. Its primary historical purpose is to accept savings deposits from members and use those funds to provide loans, especially for purchasing homes.

Usage

• A savings and loan association is a financial entity. It is distinct from commercial banks, with a traditional focus on residential mortgage lending funded by consumer savings.
• Example:

Advanced Usage

• Regulatory context: The definition notes that a savings and loan association is "required by law to make a certain percentage of its loans as home mortgages." This highlights its legislated role in promoting homeownership.
  • Example: The policy ensured that savings and loan associations remained focused on their core mission of housing finance.

Variants and Related Words

• Savings and loan (n): A common abbreviated form for "savings and loan association."
  • Example: He works at a savings and loan downtown.
• Thrift institution (n): A broader category of depository institutions that includes savings and loan associations and savings banks.
• Building society (n): A similar institution common in the United Kingdom and other countries.

Synonyms

• Thrift: Often used informally to refer to a savings and loan association.
• S&L: A standard initialism for "savings and loan."

Related Terms (Conceptual)

• Mortgage lender: Describes the primary lending function of a savings and loan association.
• Depository institution: A general term for a financial institution that accepts monetary deposits from customers.

Noun

1. a thrift institution that is required by law to make a certain percentage of its loans as home mortgages