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Federal savings associations include both Federal Savings Banks and Federal Savings and Loans.

The OTS was also responsible for supervising Savings and Loan Holding Companies (SLHCs) and some state-chartered institutions.

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The Office of Thrift Supervision (OTS) was a United States federal agency under the 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).

The following are some of the larger institutions that were regulated by the OTS: Prior to Indy Mac's failure on July 11, 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. Reich described "interference with the regulatory process by reporting and disseminating speculation about the condition of financial institutions, thereby undermining public confidence in those institutions and causing serious harm" as a contributor to the failure of Indy Mac as well as Fannie Mae, Freddie Mac and Lehman Brothers. Reich removed his agency's western director, Darrel W.

If banks regulated by OTS fail, revenues for the agency decline; conversely, if the OTS regulates more banks, revenues increase. Lamberth ruled that OTS appointments of the former director and acting director, M. Martoche, had been unconstitutional because they were not nominated by the President and confirmed by the Senate. Timothy Ryan, the OTS aggressively shut down troubled Savings and Loan (S&L) outfits, and was criticized by the industry and industry lawyers for not allowing some S&Ls that might survive to have a chance.

At one such meeting, federal regulators were "announcing a campaign to ease regulation" and they were in a photo-op over a stack of the federal regulations—holding garden shears signaling their intent to cut through them.According to analysts, Indy Mac was already sinking when the delusive accounting maneuver occurred, the _Times _said, primarily because of rising default rates and a stockpile of subprime loans on its books that investors would not buy.The false financial filings however, positioned Indy Mac as a ""well-capitalized"" institution and prolonged the life of the company two months past its tipping point.Marla Freedman, the assistant inspector general for audit, detailed a pattern of excess risk-taking and abuse of the lending process at Indy Mac and the OTS's consistent and concurrent failure to act. Reich said in a letter to the inspector general that he agreed with the agency's filings. OTS regulation allowed France's Commission Bancaire to grant approval for a Paris-based banking subsidiary, Banque AIG.Scott Polakoff, OTS senior deputy director and chief operating officer, hired under Mr. On March 26, 2009, Polakoff was removed and placed on leave by United States Secretary of the Treasury Timothy Geithner, amidst an announced further review and investigation of the backdating scandal by the U. The Mayfair-based AIG Financial Products division then opened under a system which allowed branch openings in member countries after one EU regulator's approval.Declining revenues and staff led the OTS to market itself to companies as a lax regulator in order to get revenue.

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