(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.
(June 9, 2001, D.C. Law 13-308, § 405, 48 DCR 3244; Mar. 11, 2015, D.C. Law 20-226, § 2(c), 62 DCR 255.)
This section is referenced in § 26-431.04.
The 2015 amendment by D.C. Law 20-226 added (c).
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