Letting Go of the OTS
Published June 16, 2011 11:00 PM
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Updated September 12, 2011 8:33 AM
1 Min Read
Letting Go of the OTS: Acceptance
Stage 5: Acceptance
After a year dominated by conflict and bitter feelings, many OTS employees have moved on to other agencies or say they are looking forward to finally merging with the OCC.
(Photo: ThinkStock)
Letting Go of the OTS: Working Through
Stage 4: Working Through
OCC officials, including Acting Comptroller John Walsh, encouraged OTS and OCC examiners to work more closely together.
(Photo: Bloomberg News)
Letting Go of the OTS: Pain
Stage 3: Pain
Many OTS employees were upset to learn that they would be effectively demoted in the transfer to the OCC. The OCC did not have the same number of managerial jobs, forcing many OTS employees to take lower level positions.
(Photo: ThinkStock)
Letting Go of the OTS: Anger
Stage 2: Anger
Acting OTS Director John Bowman continued to fight the agency's fate even after it was sealed by Dodd-Frank, appearing openly hostile and uncooperative to OCC officials as they planned to incorporate the thrift agency.
(Photo: Bloomberg News)
Letting Go of the OTS: Denial
Stage 1: Denial
With the failure of Washington Mutual in 2008, it was clear to everyone except OTS itself that the agency's days were numbered. Director John Reich insisted the agency could fund itself and did not need to be merged with the OCC.
(Photo: Bloomberg News)
