Office of Thrift Supervision: Difference between revisions

  |access-date=22 November 2009}}</ref> or renamed, the independent Federal Home Loan Bank Board to the Office of Thrift Supervision and placed it under [[United States Department of the Treasury|Department of the Treasury]] supervision.<ref>{{cite news |title=Nominee Seen for Top Savings Regulator |first=Nathaniel C. |last=Cash |newspaper=The New York Times |date=9 March 1990 |url=https://www.nytimes.com/1990/03/09/business/nominee-seen-for-top-savings-regulator.html |access-date=27 November 2009}}</ref> On 22 March 1990, in a setback to the George H. W. Bush administration, Federal District Judge [[Royce C. Lamberth]] ruled that OTS appointments of the former director and acting director, [[Danny Wall|M. Danny Wall]] and [[Salvatore R. Martoche]], had been unconstitutional because they were not nominated by the President and confirmed by the [[United States Senate|Senate]].<ref>{{cite news |title=Setback for Bailout and Savings Regulator |first=Nathaniel C. |last=Cash |newspaper=The New York Times |date=22 March 1990 |url=https://www.nytimes.com/1990/03/22/business/setback-for-bailout-and-savings-regulator.html |access-date=22 November 2009}}</ref>

* In 2009, both the House and Senate proposals included merging OTS with the Office of the Comptroller of the Currency.<ref>{{cite news |title=20 ways US House, Senate financial reforms differ |url=https://www.reuters.com/article/idUSN2919483620100106 |work=Reuters |publisher=[[Thomson Reuters]] |date=6 January 2010 |access-date=7 January 2010}}</ref>

* In 2010, the US Senate passed legislation that would strengthen oversight of large financial institutions, but would continue to allow smaller banks to shop for their own regulator, a loophole sought by the [[Independent Community Bankers of America]] and the [[American Bankers Association]].<ref>{{cite news |title=New financial rules might not prevent next crisis |last2=Jacobs |first2=Stevenson |last1=Wagner |first1=Daniel |agency=Associated Press |date=23 May 2010 |url=http://www.sify.com/finance/new-financial-rules-might-not-prevent-next-crisis-news-international-kfyaElehaadsi.html|archive-url=https://web.archive.org/web/20190621045012/http://www.sify.com/finance/new-financial-rules-might-not-prevent-next-crisis-news-international-kfyaElehaadsi.html|url-status=dead|archive-date=21 June 2019}}</ref>

In March 2008, OTS Director [[John M. Reich]] stated that the Savings and Loan industry remained vibrant due to the effectiveness of regulators.<ref>{{cite news |title=Obstacles Seen as Treasury Proposes New Financial Rules |author=Stephen LaBaton |newspaper=The New York Times |date=22 November 2009 |url=https://www.nytimes.com/2008/03/31/business/31cnd-regulate.html |access-date=22 November 2009}}</ref> 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.<ref>{{cite news |title=US Treasury credit deal to shore up Freddie and Fannie |author=James Daley |newspaper=[[The Independent]] |date=14 July 2008 |url=https://www.independent.co.uk/news/business/news/us-treasury-credit-deal-to-shore-up-freddie-and-fannie-866954.html |access-date=27 November 2009 |location=London}}</ref><ref>{{cite news|url=http://www.cnn.com/2008/POLITICS/07/13/indymac.schumer/index.html |title=Schumer: Don't blame me for IndyMac failure |publisher=Cnn.com |date=13 July 2008 |access-date=26 November 2011}}</ref> Schumer faulted the OTS.<ref>{{cite news |title=US economy: Investigators target home loans at failed California bank |author=Andrew Clark |newspaper=The Guardian |date=16 July 2008 |url=https://www.theguardian.com/business/2008/jul/16/useconomy.subprimecrisis1 |access-date=22 November 2009 |location=London}}</ref> The failure of [[IndyMac Bank]] was the fourth largest [[Bank run|bank failure]] in [[United States]] history.<ref>{{cite news |first=Andrea |last=Shalal-Esa |title=FACTBOX: Top ten U.S. bank failures |url=https://www.reuters.com/article/ousivMolt/idUSTRE48P0YC20080926 |work=Reuters |publisher=Thomson Reuters |date=25 September 2008 |access-date=26 September 2008}}</ref> Prior to IndyMac's failure on 11 July 2008, the bank had come to rely heavily on higher cost, less stable, brokered deposits, as well as secured borrowings, to fund its operations. The bank had focused on stated income and other aggressively underwritten loans in areas with rapidly escalating home prices, particularly in California and Florida.<ref>{{cite web|url=http://www.fdic.gov/news/news/press/2009/pr09001.html |title=FDIC Board Approves Letter of Intent to Sell IndyMac Federal |publisher=Fdic.gov |date=2 January 2009 |access-date=26 November 2011}}</ref>

In addition to being headquartered in Washington D.C., OTS had regional offices in [[Atlanta]], [[Dallas]], [[Jersey City]], San Francisco, and Chicago.