Federal Savings and Loan Insurance Corporation
- Federal Savings and Loan Insurance Corporation
The Federal Savings and Loan Insurance Corporation (FSLIC) was an institution that administered deposit insurance for savings and loan institutions in the United States. It was abolished in 1989 by the Financial Institutions Reform, Recovery and Enforcement Act, which passed responsibility for savings and loan deposit insurance to the Federal Deposit Insurance Corporation (FDIC).
The FSLIC was created as part of the National Housing Act of 1934 in order to insure deposits in savings and loans, a year after the FDIC was created to insure deposits in commercial banks. It was administered by the Federal Home Loan Bank Board (FHLBB).
In the 1980s, during the savings and loan crisis, the FSLIC became insolvent. It was recapitalized with taxpayer money several times, with $15 billion in 1986 and $10.75 billion in 1987. However, by 1989 it was insolvent to save and was abolished along with the FHLBB; and the FSLIC savings and loan deposit insurance responsibility was transferred to the FDIC.
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Federal Savings And Loan Insurance Corporation — Established under the provisions of the National Housing Act of 1934, the Federal Savings and Loan Insurance Corporation provided insurance for loans and the equivalent security as that offered to banks through the Federal Deposit Insurance… … Historical Dictionary of the Roosevelt–Truman Era
Federal Savings and Loan Insurance Corporation — a public corporation, established in 1934, that insures, up to a specified amount, all deposits in member savings and loan associations. Abbr.: FSLIC * * * … Universalium
Federal Savings and Loan Insurance Corporation — a public corporation, established in 1934, that insures, up to a specified amount, all deposits in member savings and loan associations. Abbr.: FSLIC … Useful english dictionary
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Savings and Loan Insurance Corporation — A corporation created by Congress to insure the accounts of all federal savings and loan associations and the accounts of building and loan, savings and loan, homestead associations, and co operative banks organized and operating under state law… … Ballentine's law dictionary
Savings and loan crisis — The savings and loan crisis of the 1980s and 1990s (commonly referred to as the S L crisis) was the failure of 747 savings and loan associations (S Ls) in the United States. The ultimate cost of the crisis is estimated to have totaled around… … Wikipedia
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Savings And Loan Crisis - S&L — One of the largest financial scandals in U.S. history, the Savings and Loan Crisis emerged in the late 1970s and came to a head in the 1980s, finally ending in the early 1990s. In the volatile interest rate climate of the 70s, large numbers of… … Investment dictionary
savings and loan association — One of a number of types of mutually owned, cooperative, savings associations, originally established for the primary purpose of making loans to members and others, usually for the purchase of real estate or homes; though in the 1980 s S & L s… … Black's law dictionary
Federal Deposit Insurance Corporation — FDIC … Wikipedia
