Federal Savings and Loan Insurance Corporation (FSLIC) Definition

Federal Savings and Loan Insurance Corporation (FSLIC)

Definition

A former subsidiary of the Federal Home Loan Bank, which insured deposits up to $100,000 at savings institutions. This corporation was similar to the Federal Deposit Insurance Corporation (FDIC) that a majority of banks presently use to insure deposits. After the savings and loans crisis during the 1980s, FSLIC exhausted its reserves and was abolished by FIRREA in 1989. All assets previously held by FSLIC were transferred to the Savings Association Insurance Fund (SAIF), a division of the FDIC.

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