Tim Geithner, Secretary of the Treasury has appointed John Bowman, Deputy Director and Chief Counsel, as Acting Director of the OTS, effective immediately, the Office of Thrift Supervision (OTS) announced Thursday.

OTS Senior Deputy Director and Chief Operating Officer Scott Polakoff, who was serving as Acting Director following the resignation of OTS Director John Reich, was placed on leave pending a Treasury Department investigation into the regulators' May 2008 approval of backdated cash infusions for troubled thrifts.

Late last year it was revealed the OTS had approved in May a backdated infusion of $18 million for IndyMac Bancorp--that failed subsequently in July--a move that enabled the thrift to maintain its well capitalized rating.

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