Final answer:
Banks, savings and loans, and credit unions are financial institutions that accept deposits and provide loans. Savings and loans focus on housing-related loans while credit unions are member-owned, non-profit organizations serving specific communities or affiliations.
Step-by-step explanation:
Banks, savings and loans, and credit unions are all depository institutions that handle deposits and loans, but there are some key differences in their structures and regulations. Banks operate for profit and offer a wide range of financial services. Savings and loans, also known as thrifts, have historically been focused on housing-related loans, influenced by government restrictions on interest rates and loan types that were in place from the 1930s to the 1980s. Credit unions are non-profit, member-owned institutions, which accept deposits from and provide loans to their members, who are usually part of a specific community or shared affiliation. Credit unions are growing in total assets even though there are more individual banks in existence.