Office of Thrift Supervision

Office of Thrift Supervision
Office of Thrift Supervision (OTS)
An independent office of the US Department of the Treasury, the OTS charters, regulates and supervises thrifts and their holding companies. The OTS was established on August 9, 1989 as part of the Financial Institutions Reform, Recovery and Enforcement Act of 1989. In the wake of the financial crisis, the OTS was criticized for inadequate supervision and failing to take corrective action that may have prevented certain bank failures (for example, IndyMac Bank, FSB). Under the Dodd-Frank Act, the OTS will be eliminated and its regulatory authority transferred to the Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC). This transfer is to be completed by July 21, 2011, although the Treasury Secretary may extend the transfer date for up to an additional six months after consulting with other banking authorities. The OTS will be dissolved 90 days after its functions and powers have been transferred to the FRB, FDIC and the OCC.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • Office of Thrift Supervision — Agency overview Formed August 9, 1989 Preceding agency Federal Home Loan Bank Board Dissolved …   Wikipedia

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  • Office of Thrift Supervision — An office in the Treasury Department charged with providing for the examination, safe and sound operation, and regulation of savings associations …   Black's law dictionary

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  • Office of Thrift Supervision — OTS An agency of the US Treasury, founded in 1989, that supervises the country s savings and loan associations …   Big dictionary of business and management

  • Office of Thrift Supervision — /ˌɒfɪs əv θrɪft su:pəˌvɪʒ(ə)n/ noun a US government department which regulates the Savings and Loan Associations …   Dictionary of banking and finance

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  • thrift — n: an institution that promotes saving and provides mortgages; esp: savings and loan association – called also thrift institution; Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • office — of‧fice [ˈɒfs ǁ ˈɒː , ˈɑː ] noun 1. [countable] a room or building where people work at desks: • The agency recently closed its Houston office. • I d like to see you in my office. • I applied for the job of office manager. • There is a shortage… …   Financial and business terms

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