savings and loan association

Bush’s six children, was an outside director at a failed savings and loan association that came under scrutiny of federal regulators in the 1990s.

Similar informal savings and loan associations are common the world over, from “village banks” in neighbouring Malawi to Mexico’s “cundinas” or China’s “hui”.

Mr. Kaplinsky was searching for solutions when he remembered helping, as a young lawyer, a mutual savings and loan association draft an arbitration clause, he said in an interview.

Q: Was there some thought of going as far as the savings and loan associations?

He took the helm of the enlarged bank and during the 2008 financial crisis rescued the ailing Bear Stearns and bought the banking assets of Washington Mutual, the savings and loan association which had collapsed.