Final answer:
The Office of Thrift Supervision's supervisory responsibilities were transferred primarily to the Office of the Comptroller of the Currency (OCC), as well as the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC), following the Dodd-Frank Act.
Step-by-step explanation:
The Office of Thrift Supervision (OTS) was an agency of the United States government that was responsible for supervising and regulating federally chartered and state-chartered savings banks and savings and loan associations. However, the OTS was officially abolished following the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. As a result, the financial supervisory functions previously performed by the OTS were transferred to other federal agencies, most notably the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC).
This transfer of responsibilities took place to streamline the regulatory framework and increase efficiency within the regulation of financial institutions. The transition aimed to address concerns that the existence of multiple regulatory bodies with overlapping responsibilities could lead to inadequate oversight, a problem that was highlighted during the financial crisis of 2007-2008. The consolidation under the OCC's jurisdiction was aimed at bolstering the supervision of the thrift industry, mortgage lending, and other consumer financial protections.