Florida Savings Bank

• 7/23・・・This Site will be renewal!!

About Savings and loan association
A savings and loan association, also known as a thrift, is a financial institution that specializes 
in accepting savings deposits and making mortgage loans. The term is mainly used in the United 
States; similar institutions in the United Kingdom and some Commonwealth countries are called 
building societies. They are often mutually held (often called mutual savings banks), meaning 
that the depositors and borrowers are members with voting rights and have the ability to direct 
the financial and managerial goals of the organization. It is possible for a savings and loan to 
be stock-based and even publicly traded. This means, however, that it truly no longer is an 
association and depositors and borrowers no longer have any managerial control.

Early history of the savings and loan association

At the beginning of the 19th century, banking was still something only done by those who had 
assets or wealth that needed safekeeping. The first savings bank in the United States, the 
Philadelphia Savings Fund Society, was established on December 20, 1816, and by the 1830s 
such institutions had become widespread. Savings and loans accepted deposits and used those 
deposits, along with other capital that was in their possession, to make loans. What was 
revolutionary was that the management of the savings and loan was determined by those that 
held deposits and in some instances had loans. The amount of influence in the management of 
the organization was determined based on the amount on deposit with the institution.

The overriding goal of the savings and loan association was to encourage savings and investment 
by common people and to give them access to a financial intermediary that otherwise had not 
been open to them in the past. The savings and loan was also there to provide loans for the 
purchase of large ticket items, usually homes, for worthy and responsible borrowers. The early 
savings and loans were in the business of "neighbors helping neighbors".

In the United Kingdom, the first savings bank was founded in 1810 by the Reverend Henry Duncan, 
Doctor of Divinity, the minister of Ruthwell Church in Dumfriesshire, Scotland. It is home to 
the Savings Bank Museum, in which there are records relating to the history of the savings bank 
movement in Great Britain, as well as family memorabilia relating to Henry Duncan and other 
prominent people of the surrounding area. However the main type of institution similar to U.S. 
savings and loan associations in the United Kingdom is not the savings bank, but the building 
society and had existed since the 1770s.

The savings and loan in the 20th century (in the U.S.)

The savings and loan association became a strong force in the early 20th century through 
assisting people with home ownership, through mortgage lending, and further assisting their 
members with basic saving and investing outlets, typically through passbook savings accounts 
and term certificates of deposit.

The savings and loan associations of this era were famously portrayed in the 1946 film It's a 
Wonderful Life.

Mortgage lending

The earliest of mortgages were not offered by banks, but by insurance companies, and they 
differed greatly from the mortgage or home loan that is familiar today. Most early mortgages 
were short term with some kind of balloon payment at the end of the term, or they were 
interest-only loans which did not pay anything toward the principal of the loan with each 
payment. 
As such, many people were either perpetually in debt in a continuous cycle of refinancing their 
home purchase, or they lost their home through foreclosure when they were unable to make the 
balloon payment at the end of the term of that loan.

The US Congress passed the Federal Home Loan Bank Act in 1932, during the Great Depression. 
It established the Federal Home Loan Bank and associated Federal Home Loan Bank Board to 
assist other banks in providing funding to offer long term, amortized loans for home purchases. 
The idea was to get banks involved in lending, not insurance companies, and to provide 
realistic loans which people could repay and gain full ownership of their homes.

Savings and loan associations sprung up all across the United States because there was low-cost 
funding available through the Federal Home Loan Bank for the purposes of mortgage lending.

Further advantages

Savings and loans were given a certain amount of preferential treatment by the Federal Reserve 
inasmuch as they were given the ability to pay higher interest rates on savings deposits 
compared to a regular commercial bank. The idea was that with marginally higher savings rates, 
savings and loans would attract more deposits that would allow them to continue to write more 
mortgage loans, which would keep the mortgage market liquid, and funds would always be 
available to potential borrowers.

However, savings and loans were not allowed to offer checking accounts until the late 1970s. 
This reduced the attractiveness of savings and loans to consumers, since it required consumers 
to hold accounts across multiple institutions in order to have access to both checking privileges 
and competitive savings rates.

In the 1980s the situation changed. The United States Congress granted all thrifts in 1980, 
including savings and loan associations, the power to make consumer and commercial loans and to 
issue transaction accounts. Designed to help the thrift industry retain its deposit base and to 
improve its profitability, the Depository Institutions Deregulation and Monetary Control Act 
(DIDMCA) of 1980 allowed thrifts to make consumer loans up to 20 percent of their assets, issue 
credit cards, accept negotiable order of withdrawal (NOW) accounts from individuals and nonprofit 
organizations, and invest up to 20 percent of their assets in commercial real estate loans.

In 1982, the Garn-St Germain Depository Institutions Act was passed and increased the proportion 
of assets that thrifts could hold in consumer and commercial real estate loans and allowed thrifts 
to invest 5 percent of their assets in commercial loans until January 1, 1984, when this 
percentage increased to 10 percent.

Decline

During the Savings and Loan Crisis, from 1986 to 1995, the number of US federally insured savings 
and loans in the United States declined from 3,234 to 1,645.[2] This was primarily, but not 
exclusively, due to unsound real estate lending. The market share of S&Ls for single family 
mortgage loans went from 53% in 1975 to 30 % in 1990.

The following is a detailed summary of the major causes for losses that hurt the savings and loan 
business in the 1980s according to the United States League of Savings:

   1. Lack of net worth for many institutions as they entered the 1980s, and a wholly inadequate 
      net worth regulation.
   2. Decline in the effectiveness of Regulation Q in preserving the spread between the cost of 
      money and the rate of return on assets, basically stemming from inflation and the 
      accompanying increase in market interest rates.
   3. Absence of an ability to vary the return on assets with increases in the rate of interest 
      required to be paid for deposits.
   4. Increased competition on the deposit gathering and mortgage origination sides of the 
      business, with a sudden burst of new technology making possible a whole new way of 
      conducting financial institutions generally and the mortgage business specifically.
   5. A rapid increase in investment powers of associations with passage of the Depository 
      Institutions Deregulation and Monetary Control Act (the Garn-St Germain Act), and, more 
      important, through state legislative enactments in a number of important and rapidly 
      growing states. These introduced new risks and speculative opportunities which were 
      difficult to administer. In many instances management lacked the ability or experience to 
      evaluate them, or to administer large volumes of nonresidential construction loans.
   6. Elimination of regulations initially designed to prevent lending excesses and minimize 
      failures. Regulatory relaxation permitted lending, directly and through participations, in 
      distant loan markets on the promise of high returns. Lenders, however, were not familiar 
      with these distant markets. It also 
      permitted associations to participate extensively in speculative construction activities 
      with builders and developers who had little or no financial stake in the projects.
   7. Fraud and insider transaction abuses were the principal cause for some 20% of savings and 
      loan failures the past three years and a greater percentage of the dollar losses borne by 
      the FSLIC.
   8. A new type and generation of opportunistic savings and loan executives and owners?some of 
      whom operated in a fraudulent manner ? whose takeover of many institutions was facilitated 
      by a change in FSLIC rules reducing the minimum number of stockholders of an insured 
      association from 400 to one.
   9. Dereliction of duty on the part of the board of directors of some savings associations. 
      This permitted management to make uncontrolled use of some new operating authority, 
      while directors failed to control expenses and prohibit obvious conflict of interest 
      situations.
  10. A virtual end of inflation in the American economy, together with overbuilding in 
      multifamily, condominium type residences and in commercial real estate in many cities. 
      In addition, real estate values collapsed in the energy states ? Texas, Louisiana, Oklahoma 
      particularly due to falling oil prices ? and weakness occurred in the mining and 
      agricultural sectors of the economy.
  11. Pressures felt by the management of many associations to restore net worth ratios. Anxious 
      to improve earnings, they departed from their traditional lending practices into credits and 
      markets involving higher risks, but with which they had little experience.
  12. The lack of appropriate, accurate, and effective evaluations of the savings and loan 
      business by public accounting firms, security analysts, and the financial community.
  13. Organizational structure and supervisory laws, adequate for policing and controlling the 
      business in the protected environment of the 1960s and 1970s, resulted in fatal delays and 
      indecision in the examination/supervision process in the 1980s.
  14. Federal and state examination and supervisory staffs insufficient in number, experience, or 
      ability to deal with the new world of savings and loan operations.
  15. The inability or unwillingness of the Bank Board and its legal and supervisory staff to 
      deal with problem institutions in a timely manner. Many institutions, which ultimately 
      closed with big losses, were known problem cases for a year or more. Often, it appeared, 
      political considerations delayed necessary supervisory action.

The consequences of governmental acts and reforms

As a result, the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) 
dramatically changed the savings and loan industry and its federal regulation. Here are the 
highlights of this legislation, signed into law August 9, 1989:

   1. The Federal Home Loan Bank Board (FHLBB) and the Federal Savings and Loan Insurance 
      Corporation (FSLIC) were abolished.
   2. The Office of Thrift Supervision (OTS), a bureau of the Treasury Department, was created 
      to charter, regulate, examine, and supervise savings institutions.
   3. The Federal Housing Finance Board (FHFB) was created as an independent agency to oversee 
      the 12 federal home loan banks (also called district banks).
   4. The Savings Association Insurance Fund (SAIF) replaced the FSLIC as an ongoing insurance 
      fund for thrift institutions (like the FDIC, the FSLIC was a permanent corporation that 
      insured savings and loan accounts up to $100,000). SAIF is administered by the Federal 
      Deposit Insurance Corp.
   5. The Resolution Trust Corporation (RTC) was established to dispose of failed thrift 
      institutions taken over by regulators after January 1, 1989. The RTC will make insured 
      deposits at those institutions available to their customers.
   6. FIRREA gives both Freddie Mac and Fannie Mae additional responsibility to support mortgages 
      for low-and moderate-income families.

The characteristics of savings and loan associations

The most important purpose of these institutions is to make mortgage loans on residential 
property. These organizations, which also are known as savings associations, building and loan 
associations, cooperative banks (in New England), and homestead associations (in Louisiana), are 
the primary source of financial assistance to a large segment of American homeowners. As 
home-financing institutions, they give primary attention to single-family residences and are 
equipped to make loans in this area.

Some of the most important characteristics of a savings and loan association are:

   1. It is generally a locally owned and privately managed home financing institution.
   2. It receives individuals' savings and uses these funds to make long-term amortized loans 
      to home purchasers.
   3. It makes loans for the construction, purchase, repair, or refinancing of houses.
   4. It is state or federally chartered.

(from Wikipedia, free encyclopedia)


貯蓄貸付組合

貯蓄貸付組合(ちょちくかしつけくみあいSavings and Loan Association; S&L)は、米国において、
貯蓄と住宅ローンに特化した貯蓄金融機関の一業態である。同様の業態は住宅金融組合
(Building society)としてイギリス連邦でも見られるほか、各国に同様の業態が見られる。
大抵は、協同組合組織で預金者と借主が同等に投票権を持ち、直接経営参加が可能である。

株式会社組織にし、株式公開も可能で、その場合はもちろん預金者と借り手の経営参加は不可能で
ある。

1980年代に破綻が相次いだ業態で、この結果預金保険機関である連邦貯蓄貸付保険公社(Federal 
Savings and Loan Insurance Corporation; FSLIC)が破綻し、それに代わって整理信託公社(RTC)が
設立された。その後、整理信託公社は連邦預金保険公社に業務を承継し清算されている。近い年代
では、カリフォルニア州オレンジ郡の破綻も同様の事例である。


初期の貯蓄貸付組合

19世紀初頭、銀行業務はまだ、預金と利殖に限定したものであった。最初の貯蓄銀行である
フィラデルフィア貯蓄基金協会は、は1816年12月20 日に設立された。1830年代までに、そのような
機関は全米各地に作られた。貯蓄貸付組合は貯金を受け付け、他の所持する資産とともに融資に
使われた。革命的だったことは、貯金者及び借り手の代表によって経営方針が決められたことで
ある。経営権の影響の度合はその機関に預けている貯金の量で決められた。

貯蓄貸付組合の究極の目標は普通の人による貯蓄と投資を促し、過去には開かれていなかった
庶民への金融へのアクセスを提供することである。貯蓄貸付組合は同時に大きな買物、たいていは
住宅を買う機会を責任ある善良なる借り手に提供していた。初期の貯蓄貸付組合は「隣人が隣人を
助ける」業務であったわけである。

イギリスでは、最初の貯蓄銀行は1810年に神学博士でスコットランドのダムフリッシャー教会の
牧師であるヘンリー・ダンカンによって設立された。そこは貯蓄銀行博物館となっており、イギ
リスでの貯蓄銀行運動の歴史を記録し、ヘンリー・ダンカンおよび取り巻く人々にゆかりのある
物品を収集している。しかしながら、イギリスに於けるアメリカの貯蓄貸付組合に似た組織は貯蓄
銀行ではなく、1770年から存在する住宅金融組合である。

20世紀初頭のアメリカに於ける貯蓄貸付組合

貯蓄貸付組合は20世紀初頭、住宅取得、住宅ローン、そして普通預金および定期預金の形で貯蓄と
利得を補助する事で大きな力を持った。

初期の住宅ローン

当時のアメリカでの住宅ローンは銀行では無く保険会社によって提供されており、現在我々が
見慣れている物とは違っていた。ほとんどの、住宅ローンは短期で一括返済する必要があるか、
満期までは利子のみの支払をするローンであったそのようなローンでは、恒久的に債務を負い、
連続的に借り替えを行うはめになるか、満期での一括返済に失敗し競売にかけられ家を失う事に
なった。

このことは、為政者の懸念材料となり、後に、連邦住宅貸付銀行を作り、他の銀行に対し長期の
償還型のローンを提供するための資金を提供した。これは、保険会社ではなく銀行に貸し出させ、
人が償還し完全な住宅の所有権を持たせる現実的な住宅ローンを提供すると言う考えだった。

貯蓄貸付組合は連邦住宅貸付銀行の貸し付けを通してアメリカ全土に広がって行った。

更なる利点

貯蓄貸付組合は連邦準備制度において、かなり優先的な扱いをされており、通常の商業銀行に
比べ、預金の利息が高く付けることができるようになっていた。これは、高い貯蓄利子によって、
貯蓄貸付組合に預金を集め、住宅市場の流動性を高め住宅ローンの貸し出しを行わせ借り手が
常に借りれるようにすると言う物であった。

一方、貯蓄貸付組合は1970年代終りまでは小切手の発行可能な口座開設を許されていなかった。
このことは、顧客獲得に影響を与え、顧客は小切手を振出、少しでも高い利率を得るために複数
の金融機関に口座を持った。

当時の貯蓄貸付組合のビジネスモデルで有名な物に3-6-3モデルというものがある。

    * 3 %の利子で貯金
    * 6 %の利子で融資
    * 3 時にゴルフ場で営業活動

(出典：ウィキペディア)

金融最新ニュース



サイトマップ|キャッシングなら消費者金融のアコム
... カードローン、融資なら消費者金融のアコム ... 提携先金融機関CD・ATMでのお借入詳細. お電話でのお借入詳細. ご返済について. ご返済方法一覧 ... 消費者金融用語集. 会員のみなさまへ. アコムからのお知らせ. ニュースリリース ...
消費者金融 - Wikipedia
これらの追い風を受けて、消費者金融は業界をあげて、それまでの暗い「サラ金」「街金」のイメージの払拭に努めた。 ... この2つの見解と異なった視点から、この時期のヤミ金被害急増の原因は不況の長期化による所得の減少、デフレによる金融債務の実質負担の増加、 ...
日本銀行金融研究所ホームページ
日銀保有の歴史的公文(アーカイブズ)の公開情報、ディスカッション・ペーパー・シリーズのダウンロード、「金融研究」誌全文等。 ... 11月20日 金融研究 第27号別冊2号 ... 「金融市場におけるショックの伝播:理論モデルのサーベイ」 11月20日 公表予定 ...
日本銀行ホームページ
公定歩合、無担保コール、外国為替相場、記者会見要旨、政策委員会の金融政策資料、Q&A等。 ... 当面の金融政策運営について(現状維持、14時34分公表) (PDF, 94KB) ... 短期金融市場の機能向上への取組み. お知らせ. 統計の訂正等のお知らせ ...
金融関連の転職・求人情報/リクナビＮＥＸＴ[転職サイト]
大卒以上、各種金融機関・コンサルティングファーム等における下記いずれかに該当するご経験をお持ちの方 ... NY、ロンドンにも拠点 分散系システムのインフラを中心に扱ってきたＣＴＣが、金融向けのSIerとして強みを発揮するのが以下の3分野です。 ...