Exhibit V 



SYNOPSIS OF FINDINGS FROM MEETINGS AND CORRESPONDENCE 

 WITH SAVINGS AND LOAN REPRESENTATIVES 



The funds of nearly 53 million savers in 4,191 institutions are insured 

 up to $20/000 by the Federal Savings and Loan Insurance Corporation, which 

 is under the direction and supervision of the Federal Home Loan Bank Board. 

 The Federal Home Loan Bank Board is an independent Federal Agency headed 

 by a bipartisan three member Board. The agency supervises all federally 

 insured savings and loan associations. These associations are the major 

 private source of home financing . 



Total assets of savings and loan associations nationally have grown from 

 $8.7 billion in 1945 to $206.3 billion in 1971. Total assets at year-end 

 1972 stood at $243.6 billion and savings capital was $207.3 billion. It 

 is expected that the industry will continue to grow in future years. 



The savings and loan (S & L) industry feels that any future developed 

 program of direct deposit of Social Security benefits could affect large 

 numbers of their current and future depositors. It is generally held that 

 substantial numbers of depositors fall into retirement and near retirement 

 age categories. This would be a natural outgrowth of the necessity for 

 thrift associated with reduced income levels of retirement. Many of these 

 people have substantial earning assets and live off this income supplemented 

 from other sources. 



From surveying various savings and loan associations the industry estimates 

 that about 20% of their total savings customer base of thirty million 

 receives social security benefits. Of these six million monthly payments, 

 an estimated 600,000 are negotiated at savings and loan associations, some 

 of them under the power-of-attorney agreement. 



In discussions regarding forwarding information to beneficiaries, the S & L 

 representatives stated stuffers could probably be handled in the volume of 

 200-300 for each association. More than that number would create a problem. 

 They felt that no problem existed with adverse action notices. These notices 

 could be forwarded as received. 



Death notifications were discussed. No major problems were foreseen although 

 the handling of accounts in the event of death varies depending upon locality. 



In the discussions of possible methods to directly deposit benefit payments, 

 the S & L industry is apparently in a good position to undertake an EFT 

 system. 



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