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DEPARTMENT OF THE TREASURY
FEDERAL DEPOSIT INSURANCE CORPORATION
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AND CONSUMER FINANCIAL PROTECTION BUREAU
March 27, 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' fifth 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.
As discussed below under the background section, our joint reviews are mandated by Section 327 of Title III of the Act. Our first joint review determined whether the Joint Implementation Plan (Plan) for the transfer prepared by FRB, FDIC, OCC, and OTS conformed to relevant Title III provisions. After the initial joint review of the Plan, Section 327 requires that every 6 months we jointly provide a written report on the status of the implementation of the Plan to FRB, FDIC, and OCC, with a copy to the Congress. This is our fourth joint status report issued under this requirement.
The objective of our current review was to determine and report on the status of the implementation of the Plan. To accomplish our objective, we reviewed the actions FRB and OCC1 have taken to implement the Plan since our last report, issued on September 26, 2012, through January 31, 2013. Our work focused on the items related to the Plan that were ongoing or were not yet required to be completed as identified in our last report. As part of our work, we interviewed officials from FRB and OCC and reviewed relevant documentation. We conducted our fieldwork from October 2012 through January 2013. Appendix 1 contains a detailed description of our objective, scope, and methodology. A list of our prior joint reports issued pursuant to Section 327 is provided as appendix 2.
In brief, we concluded that for the period reviewed (September 26, 2012, through January 31, 2013) procedures and safeguards were maintained as outlined in the Plan to ensure that transferred employees are not unfairly disadvantaged.