The Office of Thrift Supervision (OTS) was a United States federal agency under the Department of the Treasury that chartered, supervised, and regulated all federally chartered and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency (that was faulted for its role in the savings and loan crisis). Like other U.S. federal bank regulators, it was paid by the banks it regulates. The OTS was initially seen as an aggressive regulator, but was later lax. Declining revenues and staff led the OTS to market itself to companies as a lax regulator in order to get revenue.
The OTS also expanded its oversight to companies that were not banks. Some of the companies that failed under OTS supervision during the financial crisis of 2007–2010 include American International Group (AIG), Washington Mutual, and IndyMac.
The OTS was implicated in a backdating scandal regarding the balance sheet of IndyMac. Reform proposals from Henry Paulson, President Barack Obama, and the U.S. Congress proposed to merge the OTS with the Office of the Comptroller of the Currency. Section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated merger of OTS with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board of Governors, and the Consumer Financial Protection Bureau (CFPB) as of 21 July 2011. The OTS ceased to exist on 19 October 2011.
Read more about Office Of Thrift Supervision: Funding, History, Reform, Responsibilities, Institutions Regulated, Locations
Famous quotes containing the words office of, office and/or thrift:
“Notwithstanding the unaccountable apathy with which of late years the Indians have been sometimes abandoned to their enemies, it is not to be doubted that it is the good pleasure and the understanding of all humane persons in the Republic, of the men and the matrons sitting in the thriving independent families all over the land, that they shall be duly cared for; that they shall taste justice and love from all to whom we have delegated the office of dealing with them.”
—Ralph Waldo Emerson (1803–1882)
“Reason is, and ought only to be the slave of the passions, and can never pretend to any other office than to serve and obey them.”
—David Hume (1711–1776)
“Loosened from the minor’s tether;
Free to mortgage or to sell,
Wild as wind, and light as feather
Bid the slaves of thrift farewell.”
—Samuel Johnson (1709–1784)