Compliance Guru • FFIEC Guidance
  • Ask the Guru
  • The Guru Speaks
  • About
  • Ask the Guru
  • The Guru Speaks
  • About
By Tom Hinkel In Hot Topics

Dodd-Frank and agency consolidation

Although the specific requirements and burdens of the almost 250 regulations and more than 2000 pages in the Dodd-Frank Act are yet to be clearly defined, one of the major provisions of immediate interest to financial institutions is the elimination of the Office of Thrift Supervision (OTS).  The OTS operations will be merged into the Office of the Comptroller of the Currency (OCC), which will have an immediate impact on thrift chartered banks as they adapt to the safety and soundness compliance requirements of the OCC.  Details are that the OTS regulatory responsibilities will be spread among other regulators. The Federal Reserve will regulate savings and loan holding companies, the OCC will regulate federal savings associations, and the FDIC will regulate State savings associations.

I believe that this consolidation, in combination with the memorandum signed between the FDIC and the other primary federal regulators, will lead to increased safety and soundness scrutiny across the board.  All financial institutions, particularly those regulated by the OTS, are strongly encouraged to monitor regulatory activity closely over the next several months and take a proactive approach to pre-empt surprises during regulatory safety and soundness and  examinations.

Print Friendly, PDF & Email

Share this:

  • Facebook
  • LinkedIn
  • Twitter
  • Print
Dodd-Frank Examination OCC OTS

Article by Tom Hinkel

As author of the Compliance Guru website, Hinkel shares easy to digest information security tidbits with financial institutions across the country. With almost twenty years’ experience, Hinkel’s areas of expertise spans the entire spectrum of information technology. He is also the VP of Compliance Services at Safe Systems, a community banking tech company, where he ensures that their services incorporate the appropriate financial industry regulations and best practices.

Related Articles

  • Do we have to complete the FFIEC's CAT?
    Ask the Guru: "The Cybersecurity Assessment Tool... Do we have to?"
  • Most institutions should prepare for a much more thorough examination
    FDIC Updates IT Examination Procedures

Leave your comment Cancel Reply

You must be logged in to post a comment.

Join Our Community

Browse Posts

  • Ask the Guru
  • Ask the ISO
  • From the Field
  • Hot Topics
  • Reading Between the Lines
  • Resources

Copyright © Compliance Guru®.
All Rights Reserved.

Powered by Safe Systems. Privacy Policy

Stay up to date with these pandemic resources for community banking.See COVID-19 Resources
+