Washington Code 32.04.015 – Duty to comply — Violations — Penalty
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(1) Each savings bank and its directors, officers, employees, and agents, shall comply with:
Terms Used In Washington Code 32.04.015
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Statute: A law passed by a legislature.
(a) This title and chapter 11.100 RCW as applicable to each of them;
(b) The rules adopted by the department with respect to savings banks;
(c) Any lawful direction or order of the director;
(d) Any lawful supervisory agreement with the director; and
(e) The applicable statutes, rules, and regulations administered by the board of governors of the federal reserve system, the federal office of thrift supervision, and the federal deposit insurance corporation with respect to savings banks and holding companies.
(2) Each holding company, and its directors, officers, employees, and agents, shall comply with:
(a) The provisions of this title that are applicable to each of them;
(b) The rules of the department that are applicable with respect to holding companies;
(c) Any lawful direction or order of the director;
(d) Any lawful supervisory agreement with the director; and
(e) The applicable statutes, rules, and regulations administered by the board of governors of the federal reserve system or the federal office of thrift supervision, or applicable successor agency, with respect to holding companies, the violation of which would result in an unsafe and unsound practice or material violation of law with respect to the subsidiary savings bank of the holding company.
(3) The violation of any supervisory agreement, directive, order, statute, rule, or regulation referenced in this section, in addition to any other penalty provided in this title, shall, at the option of the director, subject the offender to a penalty of up to ten thousand dollars for each offense, payable upon issuance of any order or directive of the director, which may be recovered by the attorney general in a civil action in the name of the department.
[ 2010 c 88 § 39.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.