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

Current through October 23, 2012

(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.

                
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(June 9, 2001, D.C. Law 13-308, § 405, 48 DCR 3244.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws

For Law 13-308, see notes following § 26-431.01.