(1) The board hereby authorizes the commissioner of banking and financial institutions and examining personnel of the banking and financial institutions division to gather, at the board's direction, all available information relative to an application.   Information so gathered must be reported to the board in such form and in such manner as the board directs.   The commissioner of banking and financial institutions is also authorized to make, or cause to be made, such investigations as he may determine are warranted under the circumstances existing and must make the information obtained available to the board.