savings and loan association
1
3.6
- noun
- /ˈseɪvɪŋz ənd loʊn əˌsəʊsiˈeɪʃən/
- Specialized
:
asociación de ahorros y préstamos
- banks and savings and loan associations
- savings and loan associations failed
Examples
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The old cozy-with-the-industry Federal Home Loan Bank Board was abolished, and the Office of Thrift Supervision was created within the Treasury Department to oversee savings and loan associations.
Academic text (1999) -
A savings and loan association offers mortgage loans primarily to help families buy homes.
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Many people open accounts at a savings and loan association to save money for their future.
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The local savings and loan association provides loans that are especially suited for first-time homebuyers.
Synonyms
33
3.9
A bank that accepts people's savings and makes loans to buy houses
1
5.5
A bank or credit union that helps people save money and buy a home
An organization that accepts people's money in accounts and lends or invests it
Surface Forms
Morphology
savings + and + loan + association
The overall meaning is directly compositional: an 'association' that deals with 'savings' and 'loans' (i.e., an organisation providing savings accounts and loan/mortgage services). This is a straightforward noun‑phrase composition that mirrors common financial terms cross‑linguistically, so a B1 learner who knows the constituent words should be able to infer the meaning.
Etymology
Savings and loan association comes from its simple job: people put their savings together and the association made loans to help members buy houses. That's why the name now means 'a bank that takes savings and mainly gives loans for houses'.