会计信息系统12版英文教辅资源 9780273754473_25-132653
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WEB CHAPTER 25
Saving Associations and
Credit Unions
Copyright © 2012 Pearson Education. All rights reserved.
Chapter Preview
Consumer banking was almost non-existent in the early 1800s. Commercial banks were common, but their business was primarily restricted to commercial loans and services. But, in the late 1800s, a new type of institution opened—the savings and loan association. This is the topic of chapter 25.
© 2012 Pearson Education. All rights reserved.
25-1
Chapter Preview
▪ We examine the role of savings and loan associations, mutual savings banks, and credit union, collectively known as thrift institutions. We begin with their history and move into the nature of the industry today. Topics include:
─ The Savings and Loans Industry Today ─ Credit Unions
© 2012 Pearson Education. All rights reserved.
25-3
Mutual Savings Banks
▪ Depositors are the owners of the firm
© 2012 Pearson Education. All rights reserved.
25-7
Savings and Loan Associations
© 2012 Pearson Education. All rights reserved.
25-8
Savings and Loan Associations vs. Mutual Savings Banks
▪ Stock in the bank is not sold or issued, but rather depositors own a share of the bank in proportion to their deposits
▪ Generally have fewer liabilities than other banks because deposits are ownership, not a liability
─ Mutual Savings Banks ─ Savings and Loan Associations ─ Savings and Loans in Trouble: The Thrift Crisis ─ Political Economy of the Savings and Loan Associations
▪ The Great Depression led to the failure of thousands of thrift institutions and the loss of $200 million in personal savings
▪ The Federal Home Loan Bank Act of 1932
─ created the Federal Home Loan Bank Board
▪ In 1934, the FSLIC was created to insure depositors
© 2012 Pearson Education. All rights reserved.
▪ Created by Congress in 1816 to promote home ownership
▪ About 12,000 S&Ls in operation by the 1920s ▪ Regulation was at the state level
© 2012 Pearson Education. All rights reserved.
© 2012 Pearson Education. All rights reserved.
25-2
Chapter Preview (cont.)
─ Savings and Loan Bailout: Financial Institution Reform, Recovery, and Enforcement Act of 1989
25-6
Savings and Loan Associations
▪ S&Ls were successful, low-risk businesses for many years following the changes.
▪ The next slide shows the distribution of S&L assets in 2006. Note that most of the assets are still held as mortgages, true to their original intent.
▪ Principal-agent problem still present, but managers tent to be more risk-averse
© 2012 Pearson Education. All rights reserved.
25-4
Savings and Loan Associations
Saving Associations and
Credit Unions
Copyright © 2012 Pearson Education. All rights reserved.
Chapter Preview
Consumer banking was almost non-existent in the early 1800s. Commercial banks were common, but their business was primarily restricted to commercial loans and services. But, in the late 1800s, a new type of institution opened—the savings and loan association. This is the topic of chapter 25.
© 2012 Pearson Education. All rights reserved.
25-1
Chapter Preview
▪ We examine the role of savings and loan associations, mutual savings banks, and credit union, collectively known as thrift institutions. We begin with their history and move into the nature of the industry today. Topics include:
─ The Savings and Loans Industry Today ─ Credit Unions
© 2012 Pearson Education. All rights reserved.
25-3
Mutual Savings Banks
▪ Depositors are the owners of the firm
© 2012 Pearson Education. All rights reserved.
25-7
Savings and Loan Associations
© 2012 Pearson Education. All rights reserved.
25-8
Savings and Loan Associations vs. Mutual Savings Banks
▪ Stock in the bank is not sold or issued, but rather depositors own a share of the bank in proportion to their deposits
▪ Generally have fewer liabilities than other banks because deposits are ownership, not a liability
─ Mutual Savings Banks ─ Savings and Loan Associations ─ Savings and Loans in Trouble: The Thrift Crisis ─ Political Economy of the Savings and Loan Associations
▪ The Great Depression led to the failure of thousands of thrift institutions and the loss of $200 million in personal savings
▪ The Federal Home Loan Bank Act of 1932
─ created the Federal Home Loan Bank Board
▪ In 1934, the FSLIC was created to insure depositors
© 2012 Pearson Education. All rights reserved.
▪ Created by Congress in 1816 to promote home ownership
▪ About 12,000 S&Ls in operation by the 1920s ▪ Regulation was at the state level
© 2012 Pearson Education. All rights reserved.
© 2012 Pearson Education. All rights reserved.
25-2
Chapter Preview (cont.)
─ Savings and Loan Bailout: Financial Institution Reform, Recovery, and Enforcement Act of 1989
25-6
Savings and Loan Associations
▪ S&Ls were successful, low-risk businesses for many years following the changes.
▪ The next slide shows the distribution of S&L assets in 2006. Note that most of the assets are still held as mortgages, true to their original intent.
▪ Principal-agent problem still present, but managers tent to be more risk-averse
© 2012 Pearson Education. All rights reserved.
25-4
Savings and Loan Associations