Savings and loan associations, often called S&Ls, are financial institutions that primarily focus on accepting deposits and providing loans, particularly for home mortgages. They were originally created to promote home ownership by offering affordable loans to individuals and families. S&Ls typically offer higher interest rates on savings accounts compared to traditional banks. These associations are regulated by the federal government to ensure the safety of depositors' funds. They play a crucial role in the housing market by providing financing options for homebuyers. S&Ls also offer various financial services, including savings accounts, checking accounts, and personal loans.