Banking Law

An unnamed source provided Housing Wire last week with further confirmation on how rocky the road to merger is between the OTS and the OCC. According to this source, "It's pretty rocky." Nevertheless, the OCC's deputy comptroller for compliance policy, Ann Jaedicke, is putting the best face on the transition of 700 thrifts and from 600 to 700 OTS employees to their new home.

"We're very hopeful we'll be up and ready to go in July," Jaedicke said.

I'm also very hopeful that the Second Coming won't occur before I make it to my next confession, but I'm not counting on it.

Based upon some vitriolic, off-key reaction to my last post on this topic, I'd say that a number of OTS personnel are feeling the OCC noose tighten and not in a pleasant, "autoerotic asphyxia" kind of way. Expect more spasms prior to July 2011, when this merger is (hopefully) completed.