But even with the OTS gone, banks will be able to shop for friendly charters.

ECONOMIST: Financial reform in America

The OTS also supervised the two biggest banks to fail so far: IndyMac and Washington Mutual.

ECONOMIST: Financial regulation

Such cases suggest that banks shop for the friendliest regulator (though the OTS disputes that).

ECONOMIST: Financial regulation

Mr Gauke said the OTS would be paid for out of existing budgets.

BBC: Tax system 'to be simplified to encourage investment'

The Office of Thrift Supervision (OTS) closed IndyMac on July 11, 2008, and placed it under Federal Deposit Insurance Corporation (FDIC) receivership.

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The case dragged on until September 2001, when an administrative judge at OTS ruled that the government's case was brought in bad faith.

FORBES: Companies, People, Ideas

Both teams are superior than they were five years ago and it should be a highly competitive series as both teams have displayed great fortitude even when behind in the fourth quarters and OTs.

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The OTS's remit covers UK taxes and duties administered by HM Revenue and Customs, but it will not deal with tax credits or taxes administered by other bodies nor will it have any influence on setting tax rates.

BBC: Tax system 'to be simplified to encourage investment'