Section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 mandated the OCC take over the functions of the OTS. The OTS will cease to exist on Oct. 19. OTS employees packed up and moved to the OCC office over the July 15 weekend.
Federal News radio reports the OCC will be primarily responsible for regulating savings associations and other institutions with $10 billion or less in assets. The new Consumer Financial Protection Bureau will regulate institutions with more than $10 billion in assets.
“The mission has not changed,” said Tim Ward, deputy comptroller of thrift supervision at OCC. “Responsibility for oversight of the federal savings association is the same as it was before, it’s just being carried out by the OCC rather than the OTS.”
Under the OCC’s new rules, savings associations are subject to the same regulation as national banks and their subsidiaries.