Thrift and Loans Now Federally Insured: State-chartered...

Thrift and Loans Now Federally Insured: State-chartered thrift and loans in California have finished the transition from being privately insured to being insured by the Federal Deposit Insurance Corp., the state Department of Corporations announced. Thrift and loans were established in California in the early 1900s to serve blue-collar workers, and typically specialize today in such things as auto and small commercial loans. State legislation requires them to obtain FDIC insurance. The industry’s privately funded insureance arm, the Thrift Guaranty Corp., as its last act completed reimbursing deposits put in jeopardy when two firms failed last year.