Treasury Department

The OFFICE OF THRIFT SUPERVISION (OTS) was established as a bureau of the Treasury Department in August 1989 and became operational in October 1989 as part of a major reorganization of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery and Enforcement Act (103 Stat. 183). In that act, Congress gave the OTS authority to charter federal thrift institutions and serve as the primary regulator of approximately 1,700 federal and state-chartered thrifts belonging to the Savings Association Insurance Fund.

The office's mission is to regulate savings associations in order to maintain the safety, soundness, and viability of the industry and to support the industry's efforts to meet housing and other financial services needs. The OTS carries out this responsibility through risk-focused supervision that includes adopting regulations governing the savings and loan industry, examining and supervising thrift institutions and their affiliates, and enforcing compliance with federal laws and regulations. In addition to overseeing thrift institutions, the OTS also regulates, examines, and supervises holding companies that own thrifts and controls the acquisition of thrifts by such holding companies.

The office is headed by a director appointed by the president and confirmed by the Senate to serve a five-year term. The director also serves on the boards of the Federal Deposit Insurance Corporation and the Neighborhood Reinvestment Corporation.