SAVINGS AND LOAN ASSOCIATION: A depository institution chartered by the Federal Home Loan Bank that was established to assist home owners with low-cost mortgage loans using savings deposits. However, S&Ls have expanded their activities and now provide most of the services of traditional banks, including checkable deposits. See also | Federal Home Loan Bank | financial intermediary | bank | credit union | mutual savings bank | checkable deposits | money | M1 | money supply |
