Transfer of Office of Thrift Supervision Functions Is Completed

Appendix 2: FRB Management Comments

Board of Governors of the Federal Reserve System
Washington, DC 20551

March 20, 2014

Mark Bialek
Inspector General
Board of Governors
of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, DC 20551

Dear Mark:

Thank you for providing the Federal Reserve with the opportunity to review and comment on the Office of Inspector Generals’ draft report of the Transfer of Office of Thrift Supervision Functions is Completed. We have reviewed the report and agree that the Federal Reserve has completed the requirements pursuant to Section 318 of the Dodd-Frank Act (Act) concerning supervisory fees and assessments. With regard to the Federal Reserve's other responsibilities under the Act to prepare for and complete the transfer, we concur with the report's overall conclusion that the transfer of OTS responsibilities is complete.

We appreciate your efforts and the professionalism extended to the officers and staff of the Federal Reserve throughout this review. Please let me know if you have any questions.

Regards,

/signed/

Michael S. Gibson 
Director 
Division of Banking Supervision and Regulation

/signed/

Scott G. Alvarez 
General Counsel 
Legal Division