Downey has one or more savings and loan associations. These are financial institutions that accept deposits as well as sanction loans. This is used in obtaining finances for private housing, home improvements, and new construction. Repayment is usually by a fixed monthly instalment. Recently, due to rising costs and inflation, a negotiable mortgage plan may also be offered. The Office of Thrift Supervision (OTS) supervises the working of such institutions, whose functioning and facilities can be quite similar to those of a bank, though much more restricted. The institution in Downey is either state or federally chartered, as in owned and managed locally.