Office of Thrift Supervisor

Office of thrift supervisor is a U.S federal agency tasked with regulating thrift banks also known as loans and savings banks that are tasked with providing loans to individuals in the context of mortgages at a friendlier rate than retail banks. The bank’s sole purpose is towards the development of individuals in the community and that is why they were instituted to offer loans at a minimal liability. This office regulates these banks ensuring that they are protected and in turn, the individuals utilizing their services are also protected (U.S. Department of Treasury, 2010).

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This agency was established in 1989 after an established thrift industry made high-risk investments in a real estate project that resulted in huge financial losses for those with savings in the thrift industry. This created the need for a regulatory agency to be established so as to cater for the protection of the individuals involved. The mission of the OTS is to ensure that national banks and federal savings associations operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations (Office of the Comptroller of the Currency, 2017).

The agency operates through five main divisions, that is, the Washington Office that generates the guidelines for national policy, the Regional Operations that supervises thrift institutions according to the guidelines, the Chief Counsel that is responsible for rendering legal services within the OTC. Congressional Affairs division that is responsible for working together with other arms of government to address legal mandates. Lastly, the Public Affairs division responsible for the disbursement of information across various channels pertaining the agency’s’ policies, regulations, and developments (Office of the Comptroller of the Currency, 2017).