District of Columbia § 26-431.05 Monitoring compliance with the community development plan.

District of Columbia Statutes

§ 26-431.05 — Monitoring compliance with the community development plan.

District of Columbia § 26-431.05

Title 26Banks and Other Financial Institutions.

Ch. 4ACommunity Development by Financial Institutions.

This text of District of Columbia § 26-431.05 (Monitoring compliance with the community development plan.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 26-431.05 (2026).

Text

(a)The Commissioner shall monitor whether a financial institution is satisfying its continuing and affirmative obligation to meet the credit needs of its local communities, including low-income and moderate-income areas, consistent with safe and sound operation of the financial institution.

(b)The Commissioner shall issue an annual report to the Mayor and the Council on each financial institution’s compliance with its community development plan. In the annual report, the Commissioner shall include an assessment of the community reinvestment performance of each financial institution using the applicable methodology set forth in the Community Reinvestment Act and shall include the rating for each financial institution under the system developed under § 26-431.06 .

(c)The CFO shall issue

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(a) The Commissioner shall monitor whether a financial institution is satisfying its continuing and affirmative obligation to meet the credit needs of its local communities, including low-income and moderate-income areas, consistent with safe and sound operation of the financial institution.

(b) The Commissioner shall issue an annual report to the Mayor and the Council on each financial institution’s compliance with its community development plan. In the annual report, the Commissioner shall include an assessment of the community reinvestment performance of each financial institution using the applicable methodology set forth in the Community Reinvestment Act and shall include the rating for each financial institution under the system developed under § 26-431.06 .

(c) The CFO shall issue an annual report to the Mayor and the Council on which deposit-receiving institutions received contracts for deposits of District funds, excluding funds associated with District debt financings, with a summary of the terms of the contract and the amounts deposited.