The Dodd-Frank bill has “eroded” the benefits of the federal thrift charter and it’s unclear if existing institutions will “prosper” under the supervision of the Office of Comptroller of the Currency, according to the current thrift regulator. Office of Thrift Supervision acting director John Bowman noted that state regulators are trying to persuade thrift managers to convert to a state bank charter. “Only time will tell how many OTS-regulated thrifts choose state supervision over the OCC, or decide to stay with OCC, but eventually abandon their thrift charters in favor of national bank charters,” Bowman said at an international financial conference in Tokyo.
OTS chief weighs the future of thrifts
Most Popular Articles
Latest Articles
Pennymac posts first-quarter profit of $39M
Loan production income shrank in the first quarter, but the company’s servicing business continues to grow
-
DOJ charges one of America’s top LOs in alleged mortgage fraud scheme
-
Top Producer Review: Features, pricing & alternatives
-
A&D Mortgage names new servicing manager
-
HUD aims to help protect communities from extreme heat
-
Freedom Mortgage founder addresses ’extraordinary’ credit profiles, profitability and products