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The Office of Thrift Supervision (OTS), an agency of the United States Department of the Treasurymarker, is the primary regulator of federal savings associations (sometimes referred to as federal thrifts). Federal savings associations include both federal savings banks and federal savings and loans. The OTS is also responsible for supervising savings and loan holding companies (SLHCs) and some state-chartered institutions.

History and organization

The OTS was established by Congress as a bureau of the Department of the Treasury on August 9, 1989 as part of the Financial Institutions Reform, Recovery and Enforcement Act of 1989.

OTS does not receive appropriations from the U.S. Congress to fund its operations; instead, the entire budget of the agency is paid by assessments on the institutions it regulates. The OTS has regional offices in Atlantamarker, Dallasmarker, Jersey Citymarker, San Franciscomarker, and Chicagomarker. Other regulatory agencies like the OTS include the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve System, and the National Credit Union Administration.

On June 17, 2009 President Barack Obama announced that he would ask the United States Congress to merge OTS into the Office of the Comptroller of the Currency, which regulates nationally chartered banks.

Responsibilities

OTS supervises holding companies as well as thrift institutions. This results in OTS providing consolidated supervision for such well-known firms as General Electric (GE), AIG, Inc., Ameriprise Financial, American Express, Morgan Stanley, and Merrill Lynch. OTS's consolidated supervision program for GE, AIG Inc., and Ameriprise has been recognized as "equivalent" by the European Union allowing these firms to operate their financial businesses in the EU without forming an EU holding company and submitting to supervision in the EU.

Institutions regulated by the OTS

The following are some of the larger institutions currently or formerly regulated by the OTS.





Further Notes

References



See also



External links




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