Office of Thrift Supervision
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| Office of Thrift Supervision | |
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| Agency overview | |
| Formed | August 9, 1989 |
| Headquarters | Washington, D.C. |
| Employees | 1024 (2007) |
| Agency executive | John E. Bowman, Acting Director |
| Parent agency | Department of the Treasury |
| Website | |
| www.ots.gov | |
The Office of Thrift Supervision (OTS), an agency of the United States Department of the Treasury, 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.
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[edit] 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 Atlanta, Dallas, Jersey City, San Francisco, and Chicago. 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.[1]
[edit] 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.
[edit] Institutions regulated by the OTS
The following are some of the larger institutions currently or formerly regulated by the OTS.
- American Express Bank, FSB – Salt Lake City, UT
- American International Group – New York City, NY (NOTE 4)
- Astoria Federal Savings and Loan Association – Long Island City, NY
- BankUnited, FSB – Coral Gables, FL now (BankUnited)
- Capital One, F.S.B. – McLean, VA (NOTE 1)
- Chevy Chase Bank, Federal Savings Bank – McLean, VA
- Citicorp Trust Bank, FSB – Wilmington, DE
- Citizens Bank of Pennsylvania – Philadelphia, PA
- Countrywide Bank, FSB - Alexandria, VA (NOTE 2 - now a part of Bank of America)
- Downey Savings, F.A. – Newport Beach, CA (now a part of US Bank)
- E-Trade Bank – Arlington, VA
- Flagstar Bank, FSB – Troy, MI
- Guaranty Bank – Austin, TX
- H&R Block Bank - Kansas City, MO
- Hudson City Savings Bank, FSB – Paramus, NJ
- IndyMac Bank, FSB – Pasadena, CA (NOTE 3)
- ING Bank, FSB – Wilmington, DE
- New York Community Bank – Flushing, NY
- Ohio Savings Bank / Amtrust – Cleveland, OH
- PFF Bank & Trust - Rancho Cucamonga, CA (NOTE 2 - now part of US Bank)
- Sovereign Bank – Wyomissing, PA
- USAA Federal Savings Bank – San Antonio, TX
- Washington Mutual FSB - Seattle, WA (NOTE 2 - now a part of JPMorgan Chase)
- Wilmington Savings Fund Society, FSB - Wilmington, DE
Further Notes
- (NOTE 1): Now a national bank supervised by the Office of the Comptroller of the Currency
- (NOTE 2): Has failed and subsequently been acquired by a national bank
- (NOTE 3): Has failed and is now under receivership with the Federal Deposit Insurance Corporation
- (NOTE 4): Has effectively been nationalized and is currently run by the United States Department of Treasury
[edit] References
- ^ Labaton S. (2009). Obama Sought a Wide Range of Views on Finance Rules. New York Times.
- "Office of Thrift Supervision". http://www.ots.treas.gov/. Retrieved October 7 2005.
- Information about OTS from hoovers.com
[edit] See also
[edit] External links
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