Word: ls
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Dates: during 1970-1979
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...sharper competition among banks and thrift institutions. That would bring consumers better and cheaper financial services and offer small savers more interest on their money. The housing industry and would-be home buyers would be less vulnerable to recurrent squeezes on credit, because mutual savings banks and S and Ls, the prime sources of mortgage loans, would be better able to compete for savings during tight-money periods. And tighter regulation of banks could help ensure the continued soundness of the whole U.S. financial system...
...would push interest rates higher. One probable result: a greater flow of money out of savings and loan associations, which supply a huge chunk of the mortgage money for new homes, into Government securities and other investments that yield higher interest rates than the savings banks and S and Ls can legally pay. The nation's mutual savings banks lost an estimated $300 million worth of deposits in September, v. a net gain of $10 million in August...
First Federal began the experiment in January 1974, shortly after the Federal Home Loan Bank Board, which regulates S and Ls, allowed them to set up the terminals. But First Federal quickly ran into legal trouble. In what became an important test case, the Nebraska attorney general contended that state law did not permit retail stores to conduct a banking or S and L business and obtained an injunction that shut down the system for six months of 1974. But last month the Nebraska Supreme Court ruled that the stores were not really acting as S and L branches...
Commercial banks are trying to do the same thing, but they face a restriction that S and Ls do not. U.S. Comptroller of the Currency James Smith ruled last December that banks could set up terminals without running afoul of laws in twelve states that limit branch banking, but last month specified that the terminals could not be put in locations more than 50 miles away from a bank's main or branch office. In addition, small bankers, worried that big banks and S and Ls will win away depositors, are backing two bills in Congress that would severely...
...them, the deep two-year decline in the housing industry could be ending. Mortgage money is again amply available after being painfully short most of last year. Deposits in savings and loan associations exceeded withdrawals by $3.1 billion during January. The new surge of money into S and Ls reflects in part the drop in interest rates on short-term investments like federal notes, which were attracting cash out of thrift institutions...