Treasury Issues Final Report on Transfer of OTS.
On March 26th, the Department of Treasury OIG released the final report on the transfer of the functions and resources of the former Office of Thrift Supervision (OTS) to the Federal Reserve System, the Federal Deposit Insurance Corporation, and the OCC. The reorganization, which was mandated by the Dodd-Frank Act, took place between July 2011 and January 2014. OTS Transfer.
Treasury Commences IPO of Ally Financial.
On March 27th, Treasury announced an underwritten initial public offering of Ally Financial Inc. (Ally) common stock. Treasury has been reducing its stake in the company over the past year after rescuing Ally during the 2008 financial crisis, and hopes to generate as much as $2.7 billion in this sale. Treasury News Release. See also Bloomberg.
Kingpin Act Designation.
On March 26th, the Treasury OFAC designated Afghan national Pahlawan Rozi, pursuant to the Foreign Narcotics Kingpin Designation Act, for his significant role in international narcotics trafficking. Kingpin.