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Simple English definitions for legal terms
OTS
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A quick definition of OTS:
Term: OTS
Definition: OTS stands for Office of Thrift Supervision. It is a government agency that oversees and regulates savings and loan associations and other thrift institutions to make sure they are operating safely and soundly.
A more thorough explanation:
Definition: OTS is an abbreviation for Office of Thrift Supervision.
The Office of Thrift Supervision was a United States federal agency that was responsible for regulating and supervising savings and loan associations and their holding companies. It was created in 1989 and was abolished in 2011.
Example: The OTS was responsible for ensuring that savings and loan associations were operating in a safe and sound manner, and that they were complying with all applicable laws and regulations.
Another example: The OTS was also responsible for approving applications for new savings and loan associations, and for reviewing and approving mergers and acquisitions involving these institutions.
These examples illustrate how the OTS was an important regulatory agency that played a key role in ensuring the safety and soundness of the savings and loan industry in the United States.