Английский язык: Сборник текстов и упражнений. Бодргина Л.И - 71 стр.

                   SAVINGS AND LOAN ASSOCIATIONS

      Savings and loan associations (S & Ls) obtain funds primarily through sav-
ings deposits and time and checkable deposits. The acquired funds have tradition-
ally been used to make mortgage loans. S& Ls are the second largest group of fi-
nancial intermediaries, numbering in the USA around 2000. In the 1950s and
1960s, S & Ls grew much more rapidly than commercial banks, but when interest
rates climbed sharply from the late 1960s to the early 1980s, S & Ls encountered
difficulties that slowed their rapid growth. Because many mortgages are long-term
loans, with maturities in excess of 25 years, many in existence today were made
years ago when interest rates were substantially lower. When interest rates rose,
S & Ls frequently found that the income from their mortgages was well below the
cost of acquiring funds. Many of them began to suffer large losses; many have
gone out of business. Until 1980, savings and loan associations were restricted to
making mortgage loans and could not establish checking accounts. Their troubles
encouraged Congress to pass legislation in the early 1980s allowing them to offer
checking accounts, make consumer loans, and pursue many activities previously
restricted to commercial banks. In addition, they are now subject to the same re-
quirements as the commercial banks regarding deposits with the Federal Reserve
Banks. The result of this legislation is that the distinction between savings and
loan associations and commercial banks is being blurred, and these intermediaries
have become more competitive with each other.

                         MUTUAL SAVINGS BANKS

     Mutual savings banks are very similar to savings and loan associations. They
raise funds by accepting deposits and use them primarily to make mortgage loans.
Their corporate structure is somewhat different from that of S & Ls in that they are
always structured as “mutuals”, which means that they function as cooperatives.
The depositors own the bank. Like savings and loan associations, until 1980 they
were restricted to making mortgage loans, and they suffered similar problems
when interest rates rose from the late 1960s to the early 1980s. They were similar-
ly affected by the banking legislation in the 1980s and can now issue checkable
deposits and make loans other than mortgage loans.

                               CREDIT UNIONS

     These financial institutions are very small cooperative institutions organized
around a particular group: union members, employees of a particular firm, and so
forth. They acquire funds from deposits and make consumer loans. Thanks to the
banking legislation in the 1980s, credit unions too are allowed to issue checkable
deposits and can make mortgage loans in addition to consumer loans.

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