Section 208-512A-014 - Exception to general limitation - Extenuating facts and circumstances - Standards for division determination - Director of banks' discretion(1) Notwithstanding any provision of this chapter to the contrary, the director of banks, in his or her discretion, may grant an exception to the limit on loans and extensions of credit based on extenuating facts and circumstances.(2) In deciding whether to grant an exception under this section, the director of banks shall consider: (a) The proposed transaction for which the exception is sought;(b) How the requested exception would affect the capital adequacy and safety and soundness of the requesting bank if the exception is not granted or, if the exception is granted, if the proposed borrower should ultimately default;(c) How the requested exception would affect the loan portfolio diversification of the requesting bank;(d) The competency of the bank's management to handle the proposed transaction and any resulting safety and soundness issues;(e) The marketability and value of the proposed collateral (if any); and(f) The extenuating facts and circumstances that warrant an exception in light of the purpose of the limit on loans and extensions of credit set forth in RCW 30A.04. 111 and this chapter.Wash. Admin. Code § 208-512A-014
Amended by WSR 17-24-053, Filed 12/1/2017, effective 1/1/2018Statutory Authority: RCW 30.04.030, 30.04.111, 30.04.215, 30.08.140, 32.08.157, 43.320.040, and 43.320.050 and Section 611 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (codified as section 18(y) of the Federal Deposit Insurance Act, 12 U.S.C. § 1828(y)), which takes effect January 21, 2013. 13-03-037, § 208-512A-014, filed 1/8/13, effective 2/8/13.