As a way of stemming the decline in the number of savings and loans and mutual savings banks,the Garn-St.Germain Act of 1982 allowed

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The Garn-St. Germain Act of 1982 allowed for the creation of money market deposit accounts (MMDAs) as a way to attract deposits to savings and loans and mutual savings banks. MMDAs offered higher interest rates than traditional savings accounts and allowed for limited check writing privileges, making them an attractive option for consumers looking for a higher yield on their savings. While the act did also allow for other financial innovations, such as expanded lending authority and deregulation of interest rates, MMDAs played a significant role in helping savings and loans and mutual savings banks compete with commercial banks for deposits.

As a Way of Stemming the Decline in the Number