Which of the following describes a feature of savings and loan associations?

Savings and loan associations (S&Ls) were originally established to promote home ownership by providing accessible mortgage loans to the general public, particularly to those who might not have been able to obtain financing from more traditional banking institutions. This focus typically targeted middle-class and working-class families, making home financing more attainable.

While the role of S&Ls has evolved, it is essential to understand that they traditionally emphasized the needs of everyday consumers rather than a high-wealth clientele. The characteristics of S&Ls include their community-oriented approach and a primary function of accepting savings deposits to provide mortgage loans.

When examining the correct answer in relation to the options:

• The focus on corporate lending is more typical of commercial banks rather than S&Ls, which are meant to cater to personal lending, especially for housing.
• Not all S&Ls must be chartered at the federal level; many can be state-chartered as well, leading to a diverse regulatory environment.
• While S&Ls do offer various financial services, they are not known for providing a full range of services comparable to commercial banks, which offer a wider array of financial products and services, including extensive corporate financial services.

Thus, while option B suggests a focus on a specific clientele,