federal agency established by the Financial Institutions Reform, Recovery And Enforcement Act of 1989 to examine and supervise savings and loan associations and federal savings banks. The Office of Thrift Supervision, replacing the Federal Home Loan Bank Board as primary regulator of state chartered and federally chartered savings institutions, is a bureau within the U.S. Treasury Department. The Director of Thrift Supervision, the chief operating officer of the OTS, is appointed by the President with Senate confirmation, and is also one of the five directors of the Federal Deposit Insurance Corporation. The structure of the OTS within the Treasury Department parallels the Office of the Comptroller of the Currency, the federal agency supervising national banks,
agency of the U.S. Treasury Department created by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), the bailout bill enacted to assist depositors that became law on August 9, 1989. The OTS replaced the disbanded Federal federal home loan bankBoard and assumed responsibility for the nation's savings and loan industry. The legislation empowered OTS to institute new regulations, charter new federal savings and loan associations and federal savings banks, and supervise all savings institutions and their holding companies insured by the Savings Association Insurance Fund (SAIF).
a federal agency created by FIRREA to regulate and supervise federally chartered Savings and Loan associations. The OTS takes over the thrift regulatory duties exercised by the Federal Home Loan Bank Board prior to passage of the Act. The agency is part of the Treasury Department.
