Which of the following is NOT a characteristic of savings associations?

Savings associations, also known as thrifts, primarily focus on accepting deposits and providing homeowners with mortgage loans. One of their defining characteristics is that a significant portion of their funds comes from mortgage loans, which they subsequently use to invest in real estate.

Additionally, savings associations typically source their funds through time deposits and checkable deposits, both of which are integral to their banking operations. Time deposits are often preferred because they provide a stable source of funding with a predetermined maturity date. Checkable deposits allow customers easy access to their funds while providing savings associations with a reliable pool of money that they can use for lending.

In contrast, while consumer loans can be part of their offerings, they do not represent the primary use of funds for savings associations. These institutions primarily allocate their resources towards real estate financing, which distinguishes them from other types of financial entities that may prioritize consumer loans. Thus, the statement regarding the use of funds mainly for consumer loans correctly underscores that this is not a characteristic typical of savings associations.