The Office of Thrift Supervision (OTS) is a division within the U.S. Department of the Treasury responsible for ensuring the financial stability of thrift institutions. Its primary role is to conduct regular assessments of these institutions to ensure their safety and soundness. OTS is an acronym for Office of Thrift Supervision.
The Office of Thrift Supervision (OTS) is a division of the United States Department of the Treasury with the primary responsibility of regulating and examining thrift institutions to ensure their financial stability. Thrift institutions specialize in accepting deposits and providing mortgages and other loans, and examples include savings and loan associations, credit unions, and mutual savings banks. The OTS ensures that these institutions comply with federal regulations and guidelines to protect consumers and maintain financial system stability. Additionally, they investigate complaints and issues that arise with these institutions, taking action to protect consumers and the financial system in cases of mismanagement or fraudulent activities.
The Office of Thrift Supervision (OTS) was a United States federal agency that regulated and supervised savings and loan associations (S&Ls) and their holding companies.
The OTS was established on August 9, 1989, as a result of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA).
The primary role of the OTS was to ensure the safety and soundness of the savings and loan industry, protect depositors, and promote competition in the financial sector.
No, the OTS ceased to exist on July 21, 2011. Its functions were transferred to other regulatory agencies, primarily the Office of the Comptroller of the Currency (OCC) and the Federal Reserve.
The institutions previously regulated by the OTS were either transferred to the OCC or the Federal Reserve, depending on their size and charter type.
The OTS was criticized for its lax regulatory oversight and failure to address risky lending practices in the savings and loan industry, which contributed to the financial crisis.
Since the OTS no longer exists, you would need to contact the appropriate regulatory agency, such as the OCC or the Federal Reserve, to file a complaint against a savings and loan association.
Yes, the OTS had enforcement powers and could take actions such as issuing cease and desist orders, removing officers and directors, and imposing civil money penalties.
In addition to the OCC and the Federal Reserve, other regulatory agencies include the Securities and Exchange Commission (SEC), the Consumer Financial Protection Bureau (CFPB), and the Federal Deposit Insurance Corporation (FDIC).
To stay informed about changes in financial regulations, you can regularly check the websites of regulatory agencies, subscribe to their newsletters or email updates, and consult with legal professionals specializing in financial law.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/office-of-thrift-supervision/
- Modern Language Association (MLA):Office Of Thrift Supervision. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/office-of-thrift-supervision/.
- Chicago Manual of Style (CMS):Office Of Thrift Supervision. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/office-of-thrift-supervision/ (accessed: May 09 2024).
- American Psychological Association (APA):Office Of Thrift Supervision. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/office-of-thrift-supervision/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts