Credit Card Glossary: Terms and Definitions
Savings and loan association
A savings and loan association is a financial institution whose main purpose is to take in deposits and fund mortgages, as famously depicted in the 1946 movie “It’s a Wonderful Life.” However, savings and loan associations may also issue credit cards. Savings and loan associations, also known as thrifts, are regulated by the Office of Thrift Supervision, a division of the U.S. Treasury.
Terms from A-Z
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