Report of the Special Counsel on the Savings and Loan Crisis

January 8, 1986

Report of the [State of Maryland] Special Counsel's investigation of the savings and loan crisis, including summary of the causes of the crisis, legislative history of Maryland's savings and loan associations and regulation, savings and loan practices, government oversight, conclusions, and appendix. 

  • Preston Report
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The Office of Special Counsel was created in May 1985 (Chapter 11, Acts of Special Session of May 1985). The special counsel was appointed by the governor to investigate events associated with the savings and loan association emergency declared by the governor on May 14, 1985. The emergency followed the disclosure of problems at certain state chartered, privately insured savings and loan associations, which had resulted in a financial run on and erosion of public confidence in savings and loan institutions. Examining the causes and factors of the emergency, the office's investigation included the actions of state officials and employees; and officers, directors, and employees of privately insured savings and loan associations and the Maryland Savings-Share Insurance Corporation. The office also prepared emergency regulations relating to the savings and loan industry and proposed legislation to avoid future crises. The Office of the Special Counsel submitted a report of its investigation to the governor and general assembly in January 1986. -- from the Maryland State Archives

January 8, 1986

State of Maryland

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Maryland State Archives

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Preston, Wilbur D. Report of the Special Counsel on the Savings and Loan Crisis , State of Maryland, January 8, 1986,, accessed on June 16, 2024.