Word: thrift
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...Permit S and Ls and savings banks to expand further into the personal and consumer loan markets, which have been long dominated by commercial banks. Savings banks would also be permitted to make loans to business, an activity from which they have until now effectively been barred. Traditionally, thrift institutions have concentrated their lending in home mortgages...
...amount of tightening up on the money market funds is likely to be of much immediate help to the thrift institutions in any case. Wall Street analysts estimate that at least 20% of the nation's S and Ls are already losing money in the current squeeze. Last week Cleveland's Washington Federal Savings and Loan was forced into receivership. The bulk of its assets were acquired by another Ohio thrift institution after Washington Federal was unable to pay for Government securities it had ordered...
...today's high inflation began driving up the interest those reserves could be earning if the money were in Treasury bills or in the short-term money market, smaller Fed banks have been reconsidering the benefits of membership in the system. They are also feeling new competition from thrift institutions, which have got into the check-writing business but are not subject to the Fed's reserve requirements...
...controls about 70% of all bank deposits, but its leverage could weaken greatly if many more banks withdraw from the system. Senate Banking Committee Chairman William Proxmire and his House counterpart, Henry Reuss, have proposed dealing with the situation by enacting mandatory reserve requirements for all financial intermediaries (including thrift institutions) that accept checking accounts, thus nullifying the edge that non-Fed members now enjoy. That could permit reserve requirements to be reduced for everyone. But Congress must act soon. At present, nearly 600 banks are thought to be considering fleeing the Fed. If they do, scores of others will...
...Sneaky Thrift...