A more thorough explanation:

The Office of Thrift Supervision (OTS) is a department within the United States Department of the Treasury. Its main responsibility is to regulate and examine thrift institutions to ensure that they are financially stable.

Thrift institutions are financial institutions that specialize in accepting deposits and providing mortgages and other loans. Examples of thrift institutions include savings and loan associations, credit unions, and mutual savings banks.

The OTS ensures that these institutions are following federal regulations and guidelines to protect consumers and maintain the stability of the financial system. They also investigate any complaints or issues that arise with these institutions.

For example, if a savings and loan association is not properly managing its finances or is engaging in fraudulent activities, the OTS would step in to investigate and take action to protect consumers and the financial system.