Federal savings associations (also called "federal thrifts" or "federal Savings Banks"), in the United States, are institutions chartered by the

Office of Thrift Supervision The Office of Thrift Supervision (OTS) was a List of federal agencies in the United States, United States federal agency under the United States Department of the Treasury, Department of the Treasury that chartered, supervised, and regulated all ...

which is now administered by

Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all nation ...

after the agencies merged. Institutions chartered by the OTS are still regulated according to the rules and regulations of Federal Savings Banks. Mortgages issued by Federal Savings Banks are pursuant to the provisions of the

Home Owners' Loan Act The Homeowners Refinancing Act (also known as the Home Owners' Loan Act of 1933 and the Home Owners' Loan Corporation Act) was an Act of Congress of the United States passed as part of Franklin Delano Roosevelt's New Deal during the Great Depres ...

, a U.S. federal statute. Although the activities of federal thrifts were once confined primarily to taking deposits from consumers and making residential mortgage loans, federal thrifts are now authorized to offer a wide range of financial products and services. Federal thrifts should not be confused with

national bank In banking, the term national bank carries several meanings: * a bank owned by the state * an ordinary private bank which operates nationally (as opposed to regionally or locally or even internationally) * in the United States, an ordinary p ...

s which are banks chartered under federal law by the Office of the Comptroller of the Currency. Although the differences between federal thrifts and national banks have diminished as the authorized activities of federal thrifts have expanded to include virtually all traditional banking activities, they are still distinct institutions subject to different regulatory schemes and supervised by different regulators. They are not

savings and loan associations A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; simi ...

External links

12 U.S.C. §1461-1470 "Home Owners' Loan Act"
Banking in the United States Financial services in the United States {{econ-stub

See also

External links