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WASHINGTON-Office of Thrift Supervision Director James E. Gilleran recently announced that he will leave his post at the regulatory agency as of April 29. Gilleran has served at OTS for more than three years. Under his tenure, the thrift industry grew and is the healthiest in its history. He credited the risk-focused approach OTS has taken to its examinations, review of existing charters and screening of new applications. Gilleran also ended the agency’s operating deficits at the end of his first year. Perhaps most recently and most famously, Gilleran broke from the other banking regulators in issuing an update to the Community Reinvestment Act regulation that exempted institutions up to $1 billion in assets from the `large bank’ exam, among other things, to reduce the regulatory burden on thrifts. America’s Community Bankers President and CEO Diane Casey-Landry pointed to new regulatory requirements under the Sarbanes Oxley Act, the Bank Secrecy Act and the USA Patriot Act that OTS dealt with. “Jim recognized these new challenges and worked with the banking industry to address a number of issues, including streamlining CRA examinations for both large and small savings institutions, reducing regulatory burden and combining safety and soundness and compliance examinations to reduce the time and burden on small and mid-size community banks,” she said. Gilleran thanked all who have supported him while at OTS and wished the thrift industry the best. He also thanked the president for the opportunity to serve as OTS director. “James Gilleran has been a dedicated leader at the Office of Thrift Supervision for over three years as well as an outstanding Chairman for the Federal Financial Institutions Examination Council for the past two years,” Treasury Secretary John Snow commented. “His efforts in both capacities have gone a long way toward strengthening the U.S. banking system.”

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