Chief Counsel

Chief Counsel, Office of Thrift Supervision

< BACK

The Chief Counsel of the Office of Thrift Supervision ("OTS") supervises approximately 126 attorneys, paralegals, investigators and secretaries in the agency's Washington, D.C. headquarters and in five regional offices. The OTS is the primary regulator of all federal and many state-chartered thrift institutions. The OTS was established as a bureau of the Department of the Treasury in 1989. Its expenses are funded entirely through assessments and fees levied on the institutions it regulates.

The Office of Chief Counsel consists of five divisions in Washington and five general practice offices in each of the agency's five regional offices in Jersey City, Atlanta, Chicago, Dallas, and San Francisco. The Litigation Division represents OTS in all matters before state or Federal courts. The Enforcement Division is responsible for handling enforcement actions, including civil money penalties, suspensions and removals, cease and desist orders, and other administrative enforcement actions to assure compliance with federal laws by savings associations, related entities and officials of savings associations. The Regulations and Legislation Division drafts regulations and legal opinions interpreting the laws and regulations that govern the activities of savings associations. The Business Transactions Division provides legal advice on mergers, acquisitions, and other activities proposed in applications submitted by savings associations and holding companies and implements and supervises compliance with the securities statutes that apply to publicly traded savings associations. The General Law Division provides legal guidance for most internal OTS administrative matters including ethics, procurement, information disclosure and employment issues.