Savings and Loan Associations (SLAs) are financial institutions that primarily focus on accepting deposits and providing loans, particularly for home mortgages. They were established to promote home ownership by offering affordable financing options to individuals and families. SLAs typically offer higher interest rates on savings accounts compared to traditional banks. These associations are often member-owned, meaning that the depositors are also the shareholders. This structure allows SLAs to reinvest profits back into the community, providing loans for housing and other local projects. They are regulated by the federal government to ensure safety and soundness in their operations.