Word: thrifts
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Dates: during 1980-1989
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Once freed from the burden of regulations, the more prosperous thrift institutions are likely to emerge as full-service family financial centers, offering everything from money-market funds to credit cards. The best-run savings and loan associations are financially very sound and will prosper in the new, freer money market. Says Richard H. Deihl, president of Home Savings & Loan in Los Angeles, the largest in the U.S.: "There will always be room for a variety of financial institutions. Some will make loans to industrialize the forests of Brazil; others will lend money to people to buy houses...
Money-Market Certificate. This six-month, Government-insured time deposit in a bank or thrift institution pays high interest (last week: 15.9%). Disadvantage: $10,000 minimum and a penalty for early withdrawal...
...Administration is against key parts of a bill drawn up by the Federal Reserve staff that would provide rescue plans for troubled banks and thrift institutions, including S and Ls. The proposal would increase from $750 million to $3 billion the line of credit that the FSLIC has available to help thrift institutions. The FSLIC would also be given broader authority to move faster to rescue an S and L before its sores break into open wounds. Currently, aid can be given only when an S and L has almost failed...
...most controversial feature of the bill would permit banks or bank holding companies to take over weak thrift institutions. For that reason the bill is opposed by the U.S. League of Savings Associations, a lobbying group for the thrifts. Says a league spokesman: "It is the camel's nose in the tent that would lead to eventual interstate branching and interindustry combinations...
...thrift industry has mixed feelings about a host of other schemes now being drawn up to keep to a minimum the number of failed S and Ls. Among them...