Office of Thrift Supervision (OTS)
The Office of Thrift Supervision (OTS) is a federal agency that regulates and supervises savings and loan associations, savings banks, and credit unions. It is part of the U.S. Department of the Treasury and is responsible for ensuring that these institutions are operated in a safe and sound manner. The OTS also has the authority to take enforcement action against institutions that are not in compliance with applicable laws and regulations.
History of the Office of Thrift Supervision
The Office of Thrift Supervision was established in 1989 as part of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA). The OTS was created to replace the Federal Home Loan Bank Board, which had been responsible for regulating and supervising savings and loan associations since 1932. The OTS was given the authority to regulate and supervise all thrift institutions, including savings and loan associations, savings banks, and credit unions.
The OTS was responsible for ensuring that thrift institutions operated in a safe and sound manner and that they complied with applicable laws and regulations. The OTS also had the authority to take enforcement action against institutions that were not in compliance. In 2011, the OTS was abolished and its responsibilities were transferred to the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau.
Table of Comparisons
| OTS | Federal Home Loan Bank Board |
|---|---|
| Regulates and supervises savings and loan associations, savings banks, and credit unions | Regulated and supervised savings and loan associations |
| Established in 1989 | Established in 1932 |
| Abolished in 2011 | Abolished in 1989 |
Summary
The Office of Thrift Supervision (OTS) was a federal agency that regulated and supervised savings and loan associations, savings banks, and credit unions. It was established in 1989 as part of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) and was abolished in 2011. For more information about the OTS, you can visit the websites of the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau.
See Also
- Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)
- Office of the Comptroller of the Currency
- Consumer Financial Protection Bureau
- Savings and Loan Associations
- Savings Banks
- Credit Unions
- Banking Regulations
- Financial Supervision
- Financial Institutions
- Financial Regulation
