Glossary of Economic Terms: L

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savings and loan association – S&L

Historically, a depository institution that accepted deposits mainly from individuals and invested heavily in residential mortgage loans. Although still primarily residential lenders, S&Ls may now offer checking-type deposits and make a wider range of loans.

Twelve L – 12L

Refers to the Federal Reserve Bank of San Francisco, which is the Twelfth District in the Federal Reserve System. ‘L’ is the official letter for the Twelfth District seal, being the twelfth letter of the alphabet.

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Last updated February 6, 2004