USAAn 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. www.practicallaw.com. 2010.
Office of Thrift Supervisors
Short Dictionary of (mostly American) Legal Terms and Abbreviations.