EXCEPTION TRACKING AND REPORTING Sample Clauses

EXCEPTION TRACKING AND REPORTING. (1) By March 31, 2021, the Board shall develop, implement, and thereafter ensure adherence to an exception tracking and monitoring system that establishes that financial, collateral, underwriting, documentation, credit administration, and policy exceptions are tracked and reported to the Board in a timely manner. The exceptions tracking and monitoring system, at a minimum, shall include: (a) Board established limits for financial, collateral, and policy exceptions. All exceptions must be vetted and mitigating factors sufficiently supported; (b) a requirement that the Bank maintains, on an ongoing basis, a detailed listing of all loans not in conformance with the Bank’s lending policies, with a notation as to whether the exceptions were properly granted in accordance with the Bank’s policy; (c) identification of the loan officer who originated each loan or other extension of credit reported in accordance with paragraphs (1)(a) and (1)(b) of this Article; (d) procedures to track and reduce the volume of credit documentation exceptions; (e) a requirement for quarterly reports to the Board that, at a minimum, include: (i) the current listings described in paragraph (1)(b) of this Article; (ii) the number of exceptions compared to total loans; (iii) the aggregate exception levels compared to Board established limits; (iv) the number of credit documentation exceptions by type such as borrower financial statements, guarantor tax returns, or rent rolls; and (v) identify actionable items if/when exception levels exceed Board- approved limits; (f) a structure for measuring exceptions against the Board approved limits, quarterly Board monitoring of exception reports, and accountability by the lending staff for such exceptions. (2) Upon any subsequent amendments or changes, a copy of the exception tracking and monitoring system shall be immediately submitted to the ADC.