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Simple English definitions for legal terms

Federal Savings and Loan Insurance Corporation

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A quick definition of Federal Savings and Loan Insurance Corporation:

Federal Savings and Loan Insurance Corporation: A government organization that was created in 1934 to protect people's money in savings-and-loan associations and savings banks. If a bank failed, the FSLIC would make sure that people got their money back. However, in 1989, the FSLIC ran out of money and had to transfer its responsibilities to another government agency called the FDIC.

A more thorough explanation:

The Federal Savings and Loan Insurance Corporation (FSLIC) was a federal agency established in 1934 to protect deposits in savings-and-loan associations and savings banks. Its main purpose was to provide insurance to depositors in case their financial institution failed.

For example, if you had a savings account in a savings-and-loan association that was insured by the FSLIC and the association went bankrupt, you would still get your money back up to a certain amount. This helped to give people confidence in the banking system and encouraged them to save money.

However, the FSLIC became insolvent in 1989 due to the failure of many savings-and-loan associations. Its assets and liabilities were then transferred to an insurance fund managed by the Federal Deposit Insurance Corporation (FDIC).

The FSLIC is an important part of American financial history because it helped to stabilize the banking system during the Great Depression and beyond. Its legacy lives on through the FDIC, which continues to insure deposits in banks and savings-and-loan associations today.

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9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
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