Office of Thrift Supervision (OTS)

The Office of Thrift Supervision (OTS) was a United States federal agency that was responsible for regulating savings and loan associations (S&Ls). The OTS was created in 1989 as a result of the savings and loan crisis of the 1980s. The agency was abolished in 2011 and its functions were transferred to the Federal Deposit Insurance Corporation (FDIC).

The OTS was responsible for regulating the safety and soundness of S&Ls. The agency conducted examinations of S&Ls to ensure that they were in compliance with federal regulations. The OTS also had the authority to take enforcement action against S&Ls that were not in compliance with the law.

The OTS was also responsible for supervising the S&L industry. The agency issued regulations that governed the activities of S&Ls. The OTS also provided guidance to S&Ls on how to comply with the law.

The OTS was abolished in 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The agency's functions were transferred to the FDIC. The FDIC is now responsible for regulating the safety and soundness of all federally insured depository institutions, including S&Ls.

The OTS was a controversial agency. Some critics argued that the agency was too lenient on S&Ls and that it did not do enough to prevent the savings and loan crisis of the 1980s. Other critics argued that the agency was too bureaucratic and that it did not do enough to promote innovation in the S&L industry.

Despite the controversy, the OTS played an important role in the regulation of the S&L industry. The agency helped to ensure the safety and soundness of S&Ls and it helped to promote innovation in the industry. The OTS's functions are now carried out by the FDIC.