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Senate Passes Financial Overhaul Bill, Assuring the Closure of the OTS

By Colby Adams

The U.S. Senate passed a massive financial reform package Thursday that will change the federal regulator of some depository institutions and create new whistleblower protections for bank employees. Lawmakers voted 60 to 39 to implement the Wall Street Reform and Consumer Protection Act, a broad measure approved by the House of Representatives last week that will shut down the U.S. Treasury Department's Office of Thrift Supervision (OTS) and shift much of its regulatory duties to the Office of the Comptroller of the Currency (OCC). The closure of the OTS will change the primary regulator of over 750 thrift banks, which...

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