The term savings association has replaced S&L to capture the change in the structure of the industry. In 1978, the Federal Home Loan Bank Board (FHLBB), at the time the main regulator of savings associations, began chartering federal savings banks insured by the Federal Savings and Loan Insurance Corporation (FSLIC). In 1982, the FHLBB allowed S&Ls to convert to federal savings banks with bank (rather than S&L) names. As more and more S&Ls converted to savings banks, the title associated with this sector of the thrift industry was revised to reflect this change.

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