The examiner found that McNulty used arbitrary standards and criteria not found in the regulations. For instance, applicants were required to state whether they had at least $150,000 in capital. But if the applicant listed only that amount, McNulty issued a failing score. Keystone ReLeaf had $6.9 million on deposit, 46 times the requirement, but McNulty gave the company a low score because the money was "not as 'liquid' as McNulty would like to see."