Office of Thrift Supervision

What is Office of Thrift Supervision known for?


including commercial

States Department of the Treasury Department of the Treasury . FIRREA also allowed all federally-insured depository institutions to join the FHLBank System, including commercial banks and credit unions. 150px right (Image:US-FederalHomeLoanBankBoard-Seal.jpg) The '''Federal Home Loan Bank Board''' ('''FHLBB''') was a board created by the Federal Home Loan Bank Act of 1932 that created and oversaw the Federal Home Loan Banks (FHLB or FHLBanks) also created by the act. It was superseded by the Federal Housing Finance Board and the Office of Thrift Supervision in the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). Financial Institutions Reform, Recovery, and Enforcement Act of 1989, §701 thumb right 200px RTC literature in the Federal Deposit Insurance Corporation (File:RTC literature by Matthew Bisanz.JPG) history exhibit The '''Resolution Trust Corporation''' ('''RTC''') was a United States Government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets of savings and loan associations (S&Ls) declared insolvent by the Office of Thrift Supervision (OTS) as a consequence of the savings and loan crisis of the 1980s. It also took over the insurance functions of the former Federal Home Loan Bank Board. '''Federal savings associations''' (also called "federal thrifts"), in the United States, are institutions chartered by the Office of Thrift Supervision pursuant to the provisions of the Home Owners' Loan Act, a U.S. federal statute. Although the activities of federal thrifts were once confined primarily to taking deposits from consumers and making residential mortgage loans, federal thrifts are now authorized to offer a wide range of financial products and services. '''Chevy Chase Bank, F.S.B. (federal savings association)''' was the largest locally-based banking company in the Washington Metropolitan Area # The Federal Savings and Loan Insurance Corporation (FSLIC) was abolished, and all assets and liabilities were assumed by the FSLIC Resolution Fund administered by the FDIC (Federal Deposit Insurance Corporation) and funded by the Financing Corporation (FICO). # The Office of Thrift Supervision (OTS), a bureau of the U.S. Treasury Department, was created to charter, regulate, examine, and supervise savings institutions. # The Federal Housing Finance Board (FHFB) was created as an independent agency to replace the FHLBB, ie. to oversee the 12 Federal Home Loan Banks (also called district banks) that represent the largest collective source of home mortgage and community credit in the United States. The section also required a report with 6 months of the enactment of the Patriot Act from the Secretary of Treasury in consultation with Federal functional regulators as defined in the Gramm-Leach-Bliley Act. As such, on July 23, 2002 the Department of Treasury, FinCEN, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Commission (FDIC), the Office of Thrift Supervision (OTS) and the National Credit Union Association (NCUA) jointly released a joint notice of rule-making in the Federal Register for banks, 67 FR 48290 and Treasury simultaneously released an identical notice in the Federal Register for credit unions, private banks and trust companies who did not have a functional regulator. 67 FR 48299 After a considerable response, alterations to the proposed rule making were made and Treasury and the Federal functional agencies released 31 CFR 103.121. The regulation sets out the minimum requirements for setting up a Customer Identification Program (CIP). These requirements for the CIP are that it must: # be appropriate for the financial institution's size and type of business, and if it must have an anti-money laundering compliance program then the CIP must be part of this. Credit Unions, private banks and trust companies without a Federal functional regulator must have a CIP approved by their board of directors, thumb right The logo of IndyMac Bank (Image:IndyMac_bank.png) In what regulators have described as the second-largest bank failure in the history of the United States, IndyMac Bank (w:IndyMac Federal Bank) has been closed by the Office of Thrift Supervision (w:Office of Thrift Supervision) and placed under the conservatorship (w:conservatorship) of the Federal Deposit Insurance Corporation (w:Federal Deposit Insurance Corporation) (FDIC) due to plummeting shares and the start of a run on the bank (w:bank run). This is the fifth FDIC-insured failure of the year.


association summer

web url http: files.ots.treas.gov 87169.pdf title Remarks to American Bankers Association Summer Meeting, PDF file format PDF date accessdate 26 November 2011 On 22 December 2008, Mr. Reich removed his agency's western director, Darrel W. Dochow for allowing IndyMac to backdate a capital infusion of $18 million from its parent company so that the bank would appear "well capitalized" in its 10-Q for the period ending 31 March 2008. According to a source


low quot

: www.businessweek.com archives 1999 b3621138.arc.htm Commentary: It's a Wonderful Loophole . ''BusinessWeek'.' Retrieved 6 January 2010. In 2004 Gilleran said "our goal is to allow thrifts to operate with a wide breadth of freedom from regulatory intrusion". The OTS "adopted an aggressively deregulatory stance toward the mortgage lenders it regulated... and allowed the reserves the banks held as a buffer against losses to dwindle to a historic low

." Banking Regulator Played Advocate Over Enforcer: Agency Let Lenders Grow Out of Control, Then Fail ''Washington Post'' 23 November 2008. In March 2007, a Government Accountability Office report noted that "In contrast to the Federal Reserve , a substantial minority of the firms OTS oversees—especially the large, complex ones—have primary businesses


Dodd

in a backdating scandal regarding the balance sheet of IndyMac. Reform proposals from Henry Paulson, President Barack Obama, and the U.S. Congress (United States Congress) proposed to merge the OTS with the Office of the Comptroller of the Currency. Section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated merger of OTS with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal

other than those traditionally engaged in by thrifts, such as insurance, securities, or commercial activities." GAO-07-154 Financial Market Regulation: Agencies Engaged in Consolidated Supervision Can Strengthen Performance Measurement and Collaboration (PDF) 15 March 2007. Section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated merger of OTS

with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC), the Federal Reserve Board, and the Consumer Financial Protection Bureau (CFPB) as of 21 July 2011. The OTS ceased to exist on 19 October 2011. The end of the OTS prompted at least one thrift, Thrivent Financial for Lutherans, to convert to a credit union rather than meet the "strict" insurance regulations set forth in the Dodd-Frank Act. http: www.cutimes.com 2012 04 05 thrivent


business news

business news us-treasury-credit-deal-to-shore-up-freddie-and-fannie-866954.html accessdate 27 November 2009 location London Schumer faulted the OTS.

title AIG London unit not regulated by FSA author Richard Northedge newspaper The Independent date 15 March 2009 url http: www.independent.co.uk news business news aig-london-unit-not-regulated-by-fsa-1645223.html accessdate 27 November 2009 OTS regulation allowed France's Commission Bancaire (Commission Bancaire (France)) to grant approval for a Paris-based banking subsidiary, Banque AIG. The Mayfair-based AIG Financial Products division then opened under a system


news business

title AIG London unit not regulated by FSA author Richard Northedge newspaper The Independent date 15 March 2009 url http: www.independent.co.uk news business news aig-london-unit-not-regulated-by-fsa-1645223.html accessdate 27 November 2009 OTS regulation allowed France's Commission Bancaire (Commission Bancaire (France)) to grant approval for a Paris-based banking subsidiary, Banque AIG. The Mayfair-based AIG Financial Products division then opened under a system

Times date 22 November 2009 url http: www.nytimes.com 2008 03 31 business 31cnd-regulate.html accessdate 22 November 2009 Reich blamed Indymac's 11 July 2008 failure on $1.3bn of withdrawals in the fortnight following concerns raised from Senator Chuck Schumer over the bank's solvency.

business news us-treasury-credit-deal-to-shore-up-freddie-and-fannie-866954.html accessdate 27 November 2009 location London Schumer faulted the OTS.


historic low

: www.businessweek.com archives 1999 b3621138.arc.htm Commentary: It's a Wonderful Loophole . ''BusinessWeek'.' Retrieved 6 January 2010. In 2004 Gilleran said "our goal is to allow thrifts to operate with a wide breadth of freedom from regulatory intrusion". The OTS "adopted an aggressively deregulatory stance toward the mortgage lenders it regulated... and allowed the reserves the banks held as a buffer against losses to dwindle to a historic low."


quot national

regulation laws (for example, for usury lending). Canadian banks had not faced laws against usury, or interest guarantees on deposits. Return on equity for Canadian banks were generally comparable to U.S. banks (with return on assets lower, but with Canadian banks using more leverage to compensate). Notwithstanding the name, not all "national banks" have nationwide operations. Some "national banks" have operations in only one city, or county or state. &quot

;National banks" should also be distinguished from federal savings associations (which include federal savings and loans (Savings and loan association), and federal savings banks, FSB), which are financial institutions chartered by the Office of Thrift Supervision, another agency in the U.S. Treasury Department. The Federal Reserve (Federal Reserve System) is the United States central bank. United States process Several regulatory entities have been granted power by the United


Currency

2011 superseding Office of the Comptroller of the Currency (OCC) Federal Deposit Insurance Corporation (FDIC) Federal Reserve Board of Governors Consumer Financial Protection Bureau (United States Consumer Financial Protection Bureau) (CFPB) jurisdiction headquarters Washington, D.C. latd latm lats latNS longd longm longs longEW region_code employees 1024 (2007) budget US$250 million (2008

in a backdating scandal regarding the balance sheet of IndyMac. Reform proposals from Henry Paulson, President Barack Obama, and the U.S. Congress (United States Congress) proposed to merge the OTS with the Office of the Comptroller of the Currency. Section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated merger of OTS with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal

of the Comptroller of the Currency , the FDIC (Federal Deposit Insurance Corporation), the Federal Reserve System, and the National Credit Union Administration. If banks regulated by OTS fail, revenues for the agency decline; conversely, if the OTS regulates more banks, revenues increase. History The OTS was established in 1989 in response to the savings and loan crisis. On television, President George H. W. Bush said,


strict quot

with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC), the Federal Reserve Board, and the Consumer Financial Protection Bureau (CFPB) as of 21 July 2011. The OTS ceased to exist on 19 October 2011. The end of the OTS prompted at least one thrift, Thrivent Financial for Lutherans, to convert to a credit union rather than meet the "strict" insurance regulations set forth in the Dodd-Frank Act. http: www.cutimes.com 2012 04 05 thrivent

Office of Thrift Supervision

The '''Office of Thrift Supervision''' ('''OTS''') was a United States federal agency (List of United States federal agencies) under the Department of the Treasury (United States Department of the Treasury) that chartered, supervised, and regulated all federally chartered and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency (that was faulted for its role in the savings and loan crisis). Like other U.S. federal bank regulators, it was paid by the banks it regulated. The OTS was initially seen as an aggressive regulator, but was later lax. Declining revenues and staff led the OTS to market itself to companies as a lax regulator (Regulatory capture) in order to get revenue.

The OTS also expanded its oversight to companies that were not banks. Some of the companies that failed under OTS supervision during the financial crisis of 2007–2010 include American International Group (AIG), Washington Mutual, and IndyMac.

The OTS was implicated in a backdating scandal regarding the balance sheet of IndyMac. Reform proposals from Henry Paulson, President Barack Obama, and the U.S. Congress (United States Congress) proposed to merge the OTS with the Office of the Comptroller of the Currency. Section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated merger of OTS with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board of Governors, and the Consumer Financial Protection Bureau (United States Consumer Financial Protection Bureau) (CFPB) as of 21 July 2011. The OTS ceased to exist on 19 October 2011.

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