A bureau of the U.S.
Department of the Treasury that
regulates federal
savings associations, savings and loan associations (thrifts), and some
holding companies. Created in 1989 in the wake of the savings and loan crisis, the OTS both provides
charters and creates regulations for thrifts and other institutions that fall under its supervision. Additionally, it
audits the practices of financial institutions that specialize in personal savings and
mortgage loans to ensure that they comply with applicable regulations. Based in Washington, D.C., the OTS also maintains offices in Jersey City, Atlanta, Dallas, Chicago, and San Francisco. See also:
FIRREA.