Savings and Loan Dept. Records, 1922-1971

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Summary

Title:
Dept. of Savings and Loan Records
Dates:
1922-1971
Creators:
California. Dept. of Savings and Loan
Abstract:
The records of the Department of Savings and Loan consist of 23 cubic feet of textual records and are divided into two subgroups: the records of the San Francisco Office and the records of the Los Angeles Office.
Language:
Languages represented in the collection: English
Preferred citation:

[Identification of item], Department of Savings and Loan Records, F3739:[folder number], California State Archives, Office of the Secretary of State, Sacramento, California.

Background

Scope and content:

The records of the Department of Savings and Loan consist of 23 cubic feet of textual records and are divided into two subgroups: the records of the San Francisco Office and the records of the Los Angeles Office. The bulk of the records are found within the Los Angeles office because it served as the headquarters of the department at the time of the records creation. Correspondence and records before 1958 refer mainly to the Department of Building and Loan, the Building and Loan Commissioner, etc. However, for purposes of uniformity in this finding aid, all Building and Loan records will be described as Savings and Loan records.

Individual files were maintained for numerous associations and, for the most part, have been retained here in the chronological order established by the department. Files contained herein are labeled according to the most recent name of an association during a given time period. For example, even though San Joaquin First Federal Savings and Loan Association was named Mercantile Building-Loan Association during the 1930s, all general records pertaining to the association are filed under its most recent name. Attached tables contain alphabetical listings of associations and related information for each of the following series: Hearing transcripts; Reports of Examination; Report of Joint Examination; Report of Examination-Holding Co.; and Report to the Commissioner.

Biographical / historical:

Origins of the Department of Savings and Loan can be traced to the creation of the Board of Commissioners of Building and Loan Associations (Statutes of 1893, Chapter 188). The board became a bureau (Statutes of 1905, Chapter 504) and then a Division of the Department of Investment in 1929, a federation of five independent divisions (Statutes of 1929, Chapter 277). In 1943, building and loan associations were granted permission to use the designation savings and loan in their corporate name (Statutes of 1943, Chapter 209). By 1953, savings and loan had become the official designation for the Division, the Commissioner, and laws governing the savings and loan industry (Statutes of 1953, Chapter 641). The Division of Savings and Loan, along with the Department of Investment, became a unit of the Business and Commerce Agency by executive order in 1961. According to legislation passed in 1969, the Savings and Loan Division became a department; the Department of Investment ceased to exist; and divisions once supervised by the Business and Commerce Agency were absorbed into the newly designated Business and Transportation Agency (Statutes of 1969, Chapter 138). Nine business regulatory departments, including the Department of Savings and Loan, constituted one of two functionally related groups in the Business and Transportation Agency; the second group was transportation-oriented and contained three departments.

The Savings and Loan Commissioner was the chief officer of the Department of Savings and Loan and was appointed by the governor with the consent of the Senate. He was charged with the responsibility of administering the Savings and Loan Department and enforcing laws affecting the formation, organization, operation and liquidation of state-licensed associations. Under his direction the department was responsible for compiling annual reports for the governor, conducting annual examinations, appraisals and joint examinations in cooperation with the Federal Home Loan Bank Board. Additional responsibilities of the commissioner and department included approving the sale of loans, maintaining a loan register, issuing Quarterly Statements of Conditions and Operations and addressing grievances submitted by private citizens.

The Chief Deputy Savings and Loan Commissioner served as a confidential adviser to the Commissioner. Regional offices in San Francisco and Los Angeles were supervised by two Assistant Savings and Loan Commissioners. An Executive Committee, consisting of the Savings and Loan Commissioner, Chief Deputy and two Assistant Commissioners, consult on major policy and operating problems. Office sections include an Administrative section, Legal Services, Special Services, Examination Section and Appraisal Section.

The 1993-1994 Governor's Budget, eliminated the Department of Savings and Loan and transferred its functions to the Office of Savings and Loan Administration within the Business, Transportation and Housing Agency. The principle objectives of the Office of Savings and Loan were to protect the public's savings and investment funds held by State associations, to assure compliance by associations with laws and regulations including those involving consumer protection and anti-discrimination, and to assure the continued financial growth of these associations consistent with public need and convenience.

Reflective of the continued reduction in the number of state chartered savings and loan associations, the 1996-1997 Governor's Budget transferred the functions of the Office of Savings and Loan to the State Banking Department in an effort to reduce costs and streamline government, and to maintain the powers of state chartering in an industry that was subject to extensive federal oversight. In accordance with this change, existing state chartered savings and loans required approval from the State Banking Department before taking specified actions under the Savings Association Law. Chapter 1064 of the Statutes of 1996 established the Department of Financial Institutions, effective July 1, 1997. This new department consolidated the regulatory responsibilities of the Office of Savings and Loan, the State Banking Department, and the Credit Union and Industrial Loan Law regulatory programs previously under the Department of Corporations.

Acquisition information:
The California State Archives acquired the Dept. of Savings and Loan Records according to state law.
Accruals:

Further accruals are expected.

Physical location:
California State Archives
Physical description:
23 cubic feet
Rules or conventions:
Finding aid prepared using Describing Archives: a Content Standard

About this collection guide

Collection Guide Author:
Processed by The California State Archives staff
Date Prepared:
© 2000
Date Encoded:
Machine-readable finding aid created by Sara Kuzak. Machine-readable finding aid derived from MS Word. Date of source: May 1. 2012.

Access and use

Restrictions:

While the majority of the records are open for research, any access restrictions are noted in the record series descriptions.

Terms of access:

For permission to reproduce or publish, please contact the California State Archives. Permission for reproduction or publication is given on behalf of the California State Archives as the owner of the physical items. The researcher assumes all responsibility for possible infringement which may arise from reproduction or publication of materials from the California State Archives collections.

Preferred citation:

[Identification of item], Department of Savings and Loan Records, F3739:[folder number], California State Archives, Office of the Secretary of State, Sacramento, California.

Location of this collection:
1020 "O" Street
Sacramento, CA 95814, US
Contact:
(916) 653-2246
reference@sos.ca.gov
Website