Title 26, Banks and Other Financial Institutions.

Any licensee may open and maintain, within the District, one or more limited stations for the purpose of cashing checks for the particular group or groups specified in the license authorizing each limited station. A separate license shall be issued for each limited station mainta…

A licensee may make a written application, in the form prescribed by the Superintendent [Commissioner], to the Superintendent [Commissioner] for leave to change the licensee’s location of business, or in the case of a mobile unit, the area in which the mobile unit is authorized t…

(a) The Superintendent [Commissioner] may revoke any license issued pursuant to this chapter if, after notice and a hearing, the Superintendent [Commissioner] finds that the licensee has: (1) Committed any fraudulent acts, engaged in any dishonest activities, or made any misrepre…

(a)(1) Beginning January 1, 2011, no licensee under this chapter shall directly or indirectly charge any other fee, including late fees or other service fees, for accepting or cashing a payment instrument in excess of the greater of: (A) Two percent of the face amount of the paym…

Each licensee under this chapter shall keep and use such books, accounts, and other records as the Superintendent [Commissioner] shall require to carry into effect the provisions of this chapter and any rules and regulations issued by the Superintendent [Commissioner] under this …

(a) No licensee under this chapter shall engage in the business of discounting of notes, bills of exchange, checks, or other evidences of indebtedness, nor shall such a discounting business be conducted on the same premises where the licensee is conducting business pursuant to th…

Whenever it appears that an individual or entity licensed or required to be licensed under this chapter has violated or is violating any law, agreement, order, rule, or regulation or has engaged in an unsafe or unsound practice, the Superintendent [Commissioner] may issue an orde…

(a) The Superintendent [Commissioner] may institute an administrative cease and desist proceeding if the Superintendent [Commissioner] determines that a licensee or person required to have a license under this chapter has violated, is violating, or is about to violate any provisi…

The Superintendent [Commissioner] may promulgate such rules and regulations as deemed necessary and appropriate to implement the provisions of this chapter.

(a) Any person who violates any provision of this chapter, any rule or regulation adopted pursuant to this chapter, or any order of the Superintendent [Commissioner] directed to that person, shall be liable for a penalty of not more than $1,000 for each violation. (b) Any person …

Any bank or trust company qualified to act as fiduciary in the District of Columbia may, subject to such rules and regulations as may be promulgated from time to time by the Board of Governors of the Federal Reserve System under the provisions of § 92a of Title 12, United States …

(a) A common trust fund, as herein defined, shall not be subject to any tax imposed by Chapter 18 of Title 47, and for the purpose of said subchapter shall not be deemed to be a corporation. (b) The net income of a common trust fund shall be computed in the same manner and on the…

Unless ordered by a court of competent jurisdiction the bank or trust company operating such common trust funds is not required to render a court accounting with regard to such common trust funds; but it may, by application to the Superior Court of the District of Columbia, secur…

This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of the District of Columbia with the law of those states which enact the Uniform Common Trust Fund Act.

This chapter may be cited as the “Community Development Act of 2000”.

For the purposes of this chapter, the term: (1) “CFO” means the Chief Financial Officer of the District of Columbia, established by § 1-204.24a. (1A) “Community development” means: (A) Affordable housing (including single-family and multi-family rental housing and homeownership) …

A financial institution shall have a continuing and affirmative obligation to meet the credit needs of its local communities, including low-income and moderate-income area, consistent with the safe and sound operation of the financial institution.

(a)(1) A financial institution shall submit a community development plan stating the financial institution’s plans for meeting the credit and financial services needs of the residents of the District, particularly in designated development areas. A financial institution shall sub…

(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 …

(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 communi…

(a) The Commissioner may enter into cooperative agreements with financial institutions regulators in jurisdictions other than the District, including federal regulators, for the coordination of, or joint participation, in a community performance evaluation and the amount and asse…

The Commissioner may promulgate rules and regulations to implement the provisions of this chapter pursuant to subchapter I to Chapter 5 of Title 2.

Any credit union organized under the District of Columbia Credit Unions Act (47 Stat. 326) [P.L. 72-190], as amended, may apply for conversion into a federal credit union by filing with the Administrator of the National Credit Union Administration (hereinafter referred to as the …

The Administrator shall approve any such organization certificate meeting such requirements. Upon such approval, the applicant credit union shall become a federal credit union, and shall be vested with all of the assets and shall continue responsible for all of the obligations of…

Any District of Columbia credit union converting into a federal credit union in accordance with this chapter shall thereupon be subject to the limitations, vested with the powers, and charged with the liabilities conferred and imposed by the Federal Credit Union Act (§ 1751 et se…

Effective 30 days after August 1, 1964, the District of Columbia Credit Unions Act (47 Stat. 326) [P.L. 72-190], as amended, is repealed and all organization certificates issued thereunder and still in force are revoked.

For purposes of this chapter, the term: (1) “Account” means a demand deposit account, checking or negotiable withdrawal order account, savings account, time deposit account, or money-market mutual fund account. (2) “Financial institution” means the institution as defined in secti…

(a) A financial institution doing business in the District shall: (1) Upon the request of the IV-D agency, enter into agreements with the IV-D agency to develop and operate a data-match system in which the financial institution is required to provide for each calendar quarter the…

The IV-D agency shall disclose a person’s financial records obtained from a financial institution only for the purpose of, and to the extent necessary in, establishing, modifying, or enforcing a support obligation of that person. Unauthorized disclosure may result in the awarding…

This chapter may be cited as the “General Provisions of the 21st Century Financial Modernization Act of 2000”.

For the purposes of this chapter, the term: (1) “Affiliate” means a financial institution holding company under federal law or a subsidiary or service corporation of a financial institution holding company. (2) “Appropriate federal financial institutions agency” means the federal…

(a) Repealed. (b) The Department shall administer the provisions of the District of Columbia Banking Code on behalf of the Mayor. (c) The Department of Banking and Financial Institutions and the position of the Commissioner of the Department of Banking and Financial Institutions …

(a) The Commissioner shall: (1) Administer the District of Columbia Banking Code; (2) Promote and maintain a climate and regulatory framework that will encourage financial institutions to organize to do business in the District and contribute to the economic development of the Di…

There is established a Financial Institutions Advisory Board (“Board”). The function of the Board is advisory. The Board shall give the Commissioner sound and impartial advice on the following matters: (1) Applications by financial institutions, including international banking in…

(a) The Board shall be comprised of 15 members. The Mayor shall, with the advice and consent of the Council, appoint 13 members to the Board. The Mayor shall appoint to the Board a representative of a general banking industry association for the District; a representative of a ge…

(a) The Board shall be organized, shall operate, and may establish committees under such rules and bylaws as the Board establishes. (b) The Board shall meet at least twice a year and at the call of the Commissioner.

If the Commissioner does not follow advice of the Board which is part of an official action of the Board, the Commissioner shall send to the Board a written statement of the reason for his or her decision not to follow the advice.

(a) The Commissioner shall hire and commission examiners who shall have the authority to examine any financial institution doing business in the District. (b) In cooperation with the appropriate federal financial institutions agency, if any, the Commissioner shall examine, or cau…

(a) Unless otherwise provided by the District of Columbia Banking Code, the Commissioner shall require each financial institution to submit a financial report on a quarterly basis (“quarterly financial report”). The quarterly financial report shall fully describe the financial co…

(a) If the Commissioner determines that a financial institution is engaging, has engaged, or may engage in an unsafe or unsound practice in the operation of the financial institution (“unsafe or unsound practice”), or that the financial institutions is engaging, has engaged, or m…

(a) The Commissioner shall formally initiate an investigation of a violation or an unsafe or unsound practice by issuing a notice of charges. The notice of charges shall contain a statement of facts describing the alleged violation or unsafe or unsound practice that the financial…

(a) If the Commissioner finds in the Commissioner’s final order that a violation of the District of Columbia Banking Code has occurred or is occurring, the Commissioner shall refer the matter to the Corporation Counsel or to the United States Attorney for appropriate action. (b) …

The Commissioner may modify or rescind a final order issued under § 26-551.13 after receiving and considering a request from a financial institution, a financial institution’s affiliate or subsidiary, or any other party to the investigatory proceeding, if the Commissioner determi…

(a) The Commissioner may issue and serve upon the financial institution or its affiliate or subsidiary a final cease and desist order if: (1) The party served with the notice of charges fails to appear at the hearing called under § 26-551.13; or (2) The record of the hearing held…

(a) Along with a notice of charges, or after the issuance of a notice of charges, the Commissioner may issue a temporary cease and desist order. (b) The Commissioner may issue a temporary cease and desist order if the Commissioner determines that a violation or unsafe or unsound …

(a) Except as provided in subsection (b) of this section or as otherwise required by law, the Department and the employees, agents, and contractors of the Departments shall not disclose: (1) The contents of a report or examination of a person by the Department, except as the Comm…