It was a given that thrift executives and banking trade groups would oppose the Obama administration's plan to eliminate the Office of Thrift Supervision, but there's another, less obvious constituency that also has an interest in preserving the agency: thrift investors.

That's because, when it comes to issues like stock buybacks and dividend payments, the OTS' policies are more favorable to investors than those of Federal Deposit Insurance Corp., which regulates state-chartered thrifts. Indeed, these policy differences are key reasons why most publicly traded thrifts have opted for the federal charter.

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