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Board Report: 2013-AE-B-014 September 26, 2013

Status of the Transfer of Office of Thrift Supervision Functions

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September 26, 2013

Ben S. Bernanke, Chairman
Board of Governors of the Federal Reserve System

Martin J. Gruenberg, Chairman
Federal Deposit Insurance Corporation

Thomas J. Curry, Comptroller of the Currency
Office of the Comptroller of the Currency

This report presents the results of our offices' sixth joint review of the transfer, pursuant to Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act or the Act), of the functions, employees, funds, and property of the former Office of Thrift Supervision (OTS) to the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC). In accordance with Title III of the Act, the transfer occurred in July 2011.

Our joint reviews are mandated by Section 327 of Title III. During our first review, we determined the Joint Implementation Plan (Plan) for the transfer prepared by FRB, FDIC, OCC, and OTS generally conformed to relevant Title III provisions.1 Since then, in accordance with Section 327, we completed five joint reviews to report every 6 months on the status of the Plan's implementation. We jointly reported that the Plan has been implemented for the most part, as the functions, people, and property of OTS were transferred to FRB, FDIC, and OCC in accordance with Title III and the Plan.2 We also reported that procedures and safeguards were in place at FDIC and OCC as outlined in the Plan to ensure that transferred employees are not unfairly disadvantaged, a key requirement in Title III. However, there remain certain open items and time-limited provisions impacting former OTS employees that we continue to monitor. Appendix 1 lists our prior reports on the transfer of OTS functions.

  • 1. We noted that the plan did not address the prohibition in Title III against the involuntary separation or the involuntary reassignment of a transferred OTS employee outside the employee's locality pay area for 30 months (except under certain circumstances). In response, the agencies amended the plan in April 2011. Return to text
  • 2. No OTS employees transferred to FRB under Title III. Return to text