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Simple English definitions for legal terms
thrift institution
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A quick definition of thrift institution:
A thrift institution is a type of bank that mainly gives out loans for people to buy homes. They also offer other banking services like checking accounts. They were created a long time ago to help people who didn't have a lot of money save and borrow money. They were made by people who wanted to help others and make banking fair for everyone.
A more thorough explanation:
A thrift institution is a type of financial institution that is similar to a bank. It is primarily focused on providing home mortgage loans, but it also offers other banking services such as checking accounts. These institutions are also known as savings-and-loan associations or S&Ls.
Thrift institutions were created to meet the needs of people with modest resources and income who were not served well by commercial banks, money lenders, and pawn shops. They were developed by social reformers, philanthropic benefactors, religious and fraternal organizations, trade unions, employers, and thrift entrepreneurs.
Examples of thrift institutions include:
- Washington Federal
- Bank of America
- Wells Fargo
These institutions offer home mortgage loans and other banking services to their customers. They are regulated by the government to ensure that they operate in a safe and sound manner.
Overall, thrift institutions play an important role in providing financial services to people who may not have access to traditional banks. They help to promote financial inclusion and provide opportunities for people to achieve their financial goals.