Word: thrifts
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...mutual savings banks, savings and loan associations or even credit unions. Further, consumers could turn to an S and L for a car or boat loan, to a mutual savings bank for a credit card, or to a credit union for a trust account-all services that these "thrift institutions" are now legally forbidden to offer...
These are among the major provisions of the proposed Financial Institutions Act of 1976, a bill that would force the most sweeping changes in the nation's financial system since the Depression. The bill would wipe away many of the present distinctions between commercial banks and thrift institutions (though not all; the thrifts would still be forbidden to make business loans). It would also concentrate the regulation of banks in a single new federal agency...
More Interest. The net result, say backers of the legislation, would be 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...
...Federal Banking Commission would be created to take over regulatory responsibilities now divided between the Comptroller of the Currency and the Federal Reserve Board. Banks and thrift institutions would have to make much fuller disclosures about many aspects of their operations, including "inside" loans to their officers and directors, and regulators would get new powers to make the banks and thrifts heed their advice...
Kosygin's prescription for his country's economy was increased productivity based on "scientific and technological progress and utmost thrift." Experience teaches, however, that those words will prove empty unless greater incentives are given to the Soviet laborer for working harder and more efficiently...