Ots backdating

10-Jun-2020 14:29

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Like other US federal bank regulators, it was paid by the banks it regulates.

The OTS was initially seen as an aggressive regulator, but was later lax.

Some of the companies that failed under OTS supervision during the financial crisis of 2007–2010 include American International Group (AIG), Washington Mutual, and Indy Mac.

Scott Polakoff, OTS senior deputy director and chief operating officer, hired under Mr. On March 26, 2009, Polakoff was removed and placed on leave by United States Secretary of the Treasury Timothy Geithner, amidst an announced further review and investigation of the backdating scandal by the U. The Mayfair-based AIG Financial Products division then opened under a system which allowed branch openings in member countries after one EU regulator's approval.Indy Mac was seized by the ""Federal Deposit Insurance Corporation"": (FDIC) in July, at a cost of .9 billion to taxpayers.The bank's collapse has largely been attributed to its activities as a top player in the subprime mortgage market.Dochow limited the scope of a review by OTS regulators of Indy Mac's portfolio of loans and other assets, overruling the advice of others in the agency. Dochow played a central role in the savings-and-loan scandal of the 1980s, overriding a recommendation by federal bank examiners in San Francisco to seize Lincoln Savings, the giant savings and loan owned by Charles Keating. Reich called the backdating irregularity “a relatively small factor” in the collapse of Indy Mac.

On February 26, 2009, the Treasury Department's inspector general released a report citing laxity at the OTS under Reich for adding significantly to the .7 billion in FDIC losses from the Indy Mac failure, as well as the estimated 0 million in losses suffered by uninsured depositors.""If the Office of Thrift Supervision is turning a blind eye to capitalization requirements, Congress needs to know.