Tools commonly used in the Savings & Loan Associations industry for day-to-day tasks and operations.

• Loan origination software
• Mortgage servicing software
• Core banking system
• Automated underwriting system
• Customer relationship management (CRM) software
• Online banking platform
• Fraud detection software
• Risk management software
• Compliance management software
• Data analytics tools

Common products and services typical of NAICS Code 522180-02, illustrating the main business activities and contributions to the market.

• Mortgage lending
• Home equity loans
• Savings accounts
• Checking accounts
• Certificates of deposit
• Personal loans
• Auto loans
• Credit cards
• Online banking
• Mobile banking

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• National Mortgage Licensing System and Registry (NMLS): Mortgage loan originators working for Savings & Loan Associations must be licensed through NMLS. NMLS is a nationwide system that provides a central repository for mortgage licensing information and facilitates communication between state regulators.
• Financial Industry Regulatory Authority (FINRA) Licenses: Savings & Loan Associations that offer investment services must have employees who hold FINRA licenses. FINRA licenses include the Series 6, Series 7, Series 63, and Series 65 licenses. These licenses allow employees to sell securities and provide investment advice.
• National Association Of State Boards Of Accountancy (NASBA) License: Savings & Loan Associations that offer accounting services must have employees who hold a NASBA license. The NASBA license is required for Certified Public Accountants (CPAs) and allows them to practice accounting in the United States.
• National Association Of Insurance Commissioners (NAIC) License: Savings & Loan Associations that offer insurance services must have employees who hold a NAIC license. The NAIC license is required for insurance agents and brokers and allows them to sell insurance in the United States.
• Consumer Financial Protection Bureau (CFPB) Compliance: Savings & Loan Associations must comply with regulations set forth by the CFPB. The CFPB is responsible for enforcing federal consumer financial laws and ensuring that consumers are protected from unfair, deceptive, or abusive practices.

A concise historical narrative of NAICS Code 522180-02 covering global milestones and recent developments within the United States.

• Savings & Loan Associations (S&Ls) have been around since the late 19th century. They were created to provide a safe place for people to save their money and to make home ownership more accessible. In the early 20th century, S&Ls became more popular as they offered higher interest rates than traditional banks. However, in the 1980s, the industry faced a crisis due to risky lending practices and deregulation. Many S&Ls failed, and the government had to step in to bail out the industry. Since then, the industry has undergone significant changes, including increased regulation and consolidation. In recent years, S&Ls have faced competition from online banks and other financial institutions. In the United States, the S&L industry has a long history dating back to the 1800s. The industry grew rapidly in the mid-20th century, with many S&Ls offering mortgages to help people buy homes. However, in the 1980s, the industry faced a crisis due to risky lending practices and deregulation. Many S&Ls failed, and the government had to step in to bail out the industry. Since then, the industry has undergone significant changes, including increased regulation and consolidation. In recent years, S&Ls have faced competition from online banks and other financial institutions. Despite these challenges, the industry remains an important part of the US financial system.

The anticipated future trajectory of the NAICS 522180-02 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The Savings & Loan Associations industry in the USA is expected to experience a decline in the number of establishments and employees over the next five years. This is due to the increasing popularity of online banking and the consolidation of smaller institutions into larger ones. However, the industry is expected to remain profitable due to the continued demand for mortgage loans and other financial services. Additionally, the industry is expected to benefit from the improving economy and rising interest rates, which will increase the demand for loans and other financial products. Overall, the industry is expected to remain stable but face challenges due to changing consumer preferences and increased competition from larger financial institutions.

Recent groundbreaking advancements and milestones in the Savings & Loan Associations industry, reflecting notable innovations that have reshaped its landscape.

• Mobile Banking Apps: Savings & Loan Associations have developed mobile banking apps that allow customers to access their accounts, transfer funds, and pay bills from their smartphones.
• Online Account Opening: Many Savings & Loan Associations now allow customers to open accounts online, making it easier and more convenient for customers to do business with them.
• Personalized Financial Advice: Some Savings & Loan Associations are offering personalized financial advice to customers, helping them to better manage their finances and achieve their financial goals.
• Green Initiatives: Some Savings & Loan Associations are implementing green initiatives, such as paperless statements and energy-efficient buildings, to reduce their environmental impact.
• Community Involvement: Many Savings & Loan Associations are actively involved in their local communities, sponsoring events and supporting local charities and organizations.