Competition for banking business

  1. Law
  2. District of Columbia Code
  3. Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]
  4. Budget and Financial Management; Borrowing; Deposit of Funds
  5. Financial Institutions Deposits and Investments
  6. Competition for banking business

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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.

(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)

Prior Codifications

1981 Ed., § 47-351.5.

Section References

This section is referenced in § 47-351.10 and § 47-351.11.

Emergency Legislation

See Historical and Statutory Notes following § 47-351.01.


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