All You Need to Know About Office of Thrift Supervision
What is the Office of Thrift Supervision?
The Office of Thrift Supervision is a Federal agency that operates within the United States of America that is responsible for the regulation and administration of private savings and loans institutions existing within the United States.
The development of the Office of Thrift Supervision occurred in the midst of the presumed financial crisis, which took shape during the last 20 years of the 20th century - within which time, the United States’ economy was considered to be at substantial risk for collapse as a result of the fundamental insolubility associated with upwards of 15% of thrift institutions in operation within the United States:
The collective inability of various savings and loan companies to repay outstanding debts – most of which existed in the form of loans – threatened to render economic devastation; as a result, the Office of Thrift Supervision was enacted in order to supervise and regulate financial activity undertaken by such institutions in order to deter financial and economic collapse
What is a Thrift Institution?
A thrift institution – identified as the primary financial institutions over which the Office of Thrift Supervision maintains jurisdiction – are defined as private financial agencies and institutions whose provision of products and services is primarily rooted in the consumer financial marketplace, which includes savings and loan companies; a large majority of these types of institutions are banks.
Office of Thrift Supervision Quick Facts
The following details outline the administration of the Office of Thrift Supervision:
The Office of Thrift Supervision was founded on August 9th, 1989
The Office of Thrift Supervision exists under the jurisdiction of the Department of Treasury, which is the Federal Agency providing regulatory and administrative measures with regard to the management of government spending and the United States’ economy
The Office of Thrift Supervision is located in Washington, D.C.
The acting director of the Office of Thrift Supervision is John E. Bowman
Government Agency of the Executive Branch
Government agencies are defined as organizations, councils, and offices operating under the jurisdiction of the Federal Government of the United States of America; each federal agency retains specific administrative jurisdiction over specific facets latent within the operations of the United States Government.
The Office of Thrift Supervision functions as a government agency under the Executive Branch of the United States government, which is comprised of 3 total branches; in addition to the Executive branch – which is responsible for the regulation and enforcement of operational legislation existing within the United States of America – there also exists the Legislative and Judicial Branches.
Office of Thrift Supervision Legality
Administrative Law is the legal field associated with events and circumstances in which the Federal Government of the United States engages its citizens, including the administration of government programs, the administration and operation of government agencies, and the establishment of a legal, regulatory federal standard. The Office of Thrift Supervision can be contacted through their mailing address, which is as follows:
1700 G Street, NW
Washington, D.C.
20552
(202) 906-6000
NEXT: Defense Nuclear Facilities Safety Board
