(1) The commission
may require the state auditor or the director of the department
of financial institutions, to the extent of their respective
authority under applicable federal and Washington state law, to
thoroughly investigate and report to it concerning the condition
of any financial institution which makes application to become a
public depositary, and may also as often as it deems necessary
require the state auditor or the director of the department of
financial institutions, to the extent of their respective
authority under applicable federal and Washington state law, to
make such investigation and report concerning the condition of
any financial institution which has been designated as a public
depositary. The expense of all such investigations or reports
shall be borne by the financial institution examined.
(2) In lieu of any such investigation or report, the
commission may rely upon information made available to it or the
director of the department of financial institutions by the
office of the comptroller of the currency, the office of thrift
supervision, the federal deposit insurance corporation, the
federal reserve board, any state financial institutions
regulatory agency, or any successor state or federal financial
institutions regulatory agency, and any such information or data
received by the commission shall be kept and maintained in the
same manner and have the same protections as examination reports
received by the commission from the director of the department of
financial institutions pursuant to RCW 30.04.075(2)(h) and32.04.220
(2)(h).
(3) The director of the department of financial institutions
shall in addition advise the commission of any action he or she
has directed any state public depositary to take which will
result in a reduction of greater than ten percent of the net
worth of such depositary as shown on the most recent report it
submitted pursuant to RCW 39.58.100.
[2009 c 9 § 9; 1996 c 256 § 12; 1983 c 66 § 14; 1975 1st ex.s. c 77 § 5.]
NOTES:
Effective date -- 2009 c 9: See note following RCW 39.58.010.
Severability -- 1983 c 66: See note following RCW 39.58.010.