The Federal Home Loan Bank Board regulated and insured federally chartered savings and loan organizations and federally chartered mutual savings banks. The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) abolished the Federal Home Loan Bank Board and transferred responsibility for oversight of the Federal Home Loan Banks to the Federal Housing Finance Board. At that time the Bank Board’s previous supervisory and regulatory responsibilities with respect to thrift institutions and their holding companies were transferred to the newly created the Office of Thrift Supervision, under the U.S. Department of the Treasury. FIRREA also allowed all federally-insured depository institutions to join the FHLBank System, including commercial banks and credit unions.