(a) The Commissioner shall establish, by regulation, a system to rate the community development performance of a financial institution. The system shall include the following rating categories:
(1) Outstanding record of performance in meeting the credit needs of its local communities;
(2) Highly satisfactory record of performance in meeting the credit needs of its local communities;
(3) Satisfactory record of performance in meeting the credit needs of its local communities;
(4) Needs to improve record of performance in meeting the credit needs of its local communities; and
(5) Substantial noncompliance in meeting the credit needs of its local communities.
(b) The Commissioner shall consider the compliance of the financial institution with the community development plan submitted under § 26-431.03 in assessing and rating the community development performance of the financial institution.
(c) The CFO, when evaluating the community development plan of a deposit-receiving institution shall review the rating category or score assigned to the deposit-receiving institution’s plan by the applicable financial supervisory agency and shall publish the final review on its website.
(d) The CFO shall receive public comments during a 30-day public comment period when reviewing and evaluating the community development plan of a deposit-receiving institution.
(e) The CFO shall consider in the evaluation done pursuant to subsection (c) of this section whether a deposit-receiving institution is engaged in discriminatory, unfair, or deceptive lending practices as determined by federal agencies under the Equal Credit Opportunity Act, approved October 28, 1974 (88 Stat. 1521; 15 U.S.C. § 1691 et seq.), and the Fair Housing Act, approved September 13, 1988 (82 Stat. 81; 42 U.S.C. §§ 3601 et seq.), and their implementing regulations, or under Chapter 11A of this title [§ 26-1151.01et seq.], or Chapter 39 of Title 28 [§ 28-3901et seq.], and their implementing regulations.
(f) To apply for a deposit services contract with the District government, a financial institution must receive at least a “satisfactory” rating on its most recent CRA exam.
This section is referenced in § 26-431.05.
Effect of Amendments
The 2015 amendment by D.C. Law 20-226 added (c) through (f).