District of Columbia § 47-351.10 Preservation of banking services.

District of Columbia Statutes

§ 47-351.10 — Preservation of banking services.

District of Columbia § 47-351.10

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 § 47-351.10 (Preservation of banking services.) 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 § 47-351.10 (2026).

Text

(a)Without regard to the competitive bidding requirements of §§ 47-351.04 and 47-351.05 , the Mayor, or the CFO pursuant to § 47-351.02(c) , may place deposits or investments at an insured financial institution for the purpose of maintaining banking services in a low-to-moderate income area in the District.

(b)If the Mayor, or the CFO pursuant to § 47-351.02(c) , waives the requirements of §§ 47-351.04 and 47-351.05 , the Mayor, or the CFO pursuant to § 47-351.02(c) , shall execute a community development program agreement with the insured financial institution or certify that the insured financial institution is meeting the objectives of an existing community development program.

(c)For the purposes of this section only, a community development program agreement shall meet the requir

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(a) Without regard to the competitive bidding requirements of §§ 47-351.04 and 47-351.05 , the Mayor, or the CFO pursuant to § 47-351.02(c) , may place deposits or investments at an insured financial institution for the purpose of maintaining banking services in a low-to-moderate income area in the District.

(b) If the Mayor, or the CFO pursuant to § 47-351.02(c) , waives the requirements of §§ 47-351.04 and 47-351.05 , the Mayor, or the CFO pursuant to § 47-351.02(c) , shall execute a community development program agreement with the insured financial institution or certify that the insured financial institution is meeting the objectives of an existing community development program.

(c) For the purposes of this section only, a community development program agreement shall meet the requirements of § 26-704(d) .