Regulators updated lawmakers Tuesday on preparations for eliminating the Office of Thrift Supervision.
The 28-page report was mandated by the Dodd-Frank Act, which requires the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Federal Reserve Board to take over the OTS' duties by a July 2011 transfer date.
The report describes the regulators' progress so far as well as ongoing steps to shift and train OTS personnel to work at new agencies, and transfer control of building facilities, other infrastructure, information technology systems and records.
"The agencies recognize the importance of providing employees the protections afforded to them by Dodd-Frank and continue to work on details regarding safeguarding pay, tenure and status," the report said.
