The agency of the federal government that supervises all federal savings and loan associations and federally insured state-chartered savings and loan associations. The FHLBB also operates the Federal Savings and Loan Insurance Corporation, which insures accounts at federal savings and loan associations and those state-chartered associations that apply and are accepted. In addition, the FHLBB directs the Federal Home Loan Bank System, which provides a flexible credit facility for member savings institutions to promote the availability of home financing. The FHL Banks also own the Federal Home Loan Mortgage Corporation, established in 1970 to promote secondary markets for mortgages.
A board established by the Federal Home Loan Bank Act of 1932 which chartered and regulated federal savings and loan associations. The purpose of the board in regard to savings and loans was much the same as that of the Federal Reserve System in regard to commercial banks. As part of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, the Office of Thrift Supervision (OTS) was established to replace the Federal Home Loan Bank Board for the purpose of chartering, regulating and supervising thrift institutions.
Federal agency that monitors the federal savings and loan associations and federally insured state-chartered S&Ls and acts as a central bank. In addition, it operated the Federal Savings and Loan Insurance Corporation (FSLIC).