District of Columbia § 47-351.05 Competition for banking business.

District of Columbia Statutes

§ 47-351.05 — Competition for banking business.

District of Columbia § 47-351.05

Title 47Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]

Ch. 3Budget and Financial Management; Borrowing; Deposit of Funds.

Subch. III-AFinancial Institutions Deposits and Investments.

This text of District of Columbia § 47-351.05 (Competition for banking business.) 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 § 47-351.05 (2026).

Text

(a)Except as otherwise provided by §§ 47-351.09 , 47-351.10 , and 47-351.11 , the Mayor, or the CFO pursuant to § 47-351.02(c) , shall select eligible financial institutions with which to conduct the banking business of the District based on the highest composite score for a bid. If 2 or more eligible financial institutions receive the highest composite score, the Mayor, or the CFO pursuant to § 47-351.02(c) , shall select the eligible financial institution with the highest community development score calculated under § 47-351.07 .

(b)The Mayor, or the CFO pursuant to § 47-351.02(c) , shall calculate the composite score of an eligible financial institution in the following manner:

(1)Eighty percent based upon a financial score, calculated under § 47-351.06 ; and

(2)Twenty percen

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(a) Except as otherwise provided by §§ 47-351.09 , 47-351.10 , and 47-351.11 , the Mayor, or the CFO pursuant to § 47-351.02(c) , shall select eligible financial institutions with which to conduct the banking business of the District based on the highest composite score for a bid. If 2 or more eligible financial institutions receive the highest composite score, the Mayor, or the CFO pursuant to § 47-351.02(c) , shall select the eligible financial institution with the highest community development score calculated under § 47-351.07 .

(b) The Mayor, or the CFO pursuant to § 47-351.02(c) , shall calculate the composite score of an eligible financial institution in the following manner:

(1) Eighty percent based upon a financial score, calculated under § 47-351.06 ; and

(2) Twenty percent based upon a community development score, calculated under § 47-351.07 .