Trust Updates Archive
(July 21, 2011 --Chicago, IL) --Today marks a “significant milestone” for the OCC and the OTS (Office of Thrift Supervision), according to regulators. As of today, the regulatory responsibilities and authority of the OTS pass to the OCC.
Technically, the OTS continues to exist October 1. However, this past Monday, July 18, more than 670 OTS staffers became OCC employees. This leaves the OTS with only a skeleton staff to “wind down its operations,” says an OCC spokesman.
The OCC yesterday issued a final rule that implements various Dodd-Frank Act changes, including merging the OTS into the OCC and aligning the agencies supervisory powers, including preemption.
For more on this topic, see the upcoming issue of Trust Regulatory News.
No statement in this issue is offered as or should be construed as legal opinion or advice or as an indicator of future performance.
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