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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.Declining revenues and staff led the OTS to market itself to companies as a lax regulator in order to get revenue.The OTS also expanded its oversight to companies that were not banks.Dochow limited the scope of a review by OTS regulators of Indy Mac's portfolio of loans and other assets, overruling the advice of others in the agency. Dochow played a central role in the savings-and-loan scandal of the 1980s, overriding a recommendation by federal bank examiners in San Francisco to seize Lincoln Savings, the giant savings and loan owned by Charles Keating. Reich called the backdating irregularity “a relatively small factor” in the collapse of Indy Mac.On February 26, 2009, the Treasury Department's inspector general released a report citing laxity at the OTS under Reich for adding significantly to the .7 billion in FDIC losses from the Indy Mac failure, as well as the estimated 0 million in losses suffered by uninsured depositors.Like other US federal bank regulators, it was paid by the banks it regulates.
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).""If the Office of Thrift Supervision is turning a blind eye to capitalization requirements, Congress needs to know.It's good the inspector general has opened a full-blown audit as a result of this case.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.