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Office of the Chief Financial Officer
 

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Banking Services

In accordance to DC Law (47.351), the Office of Finance and Treasury's Banking Services Unit handles the award of banking-service contracts. Here is the listing of current banking-service contracts:

  • Wells Fargo - contract awarded with a five-year base period with three, five-year option periods. The last option period was recently exercised.
  • Citibank - contract awarded with a five-year base period with three, five-year option periods. The last option period was recently exercised.

Financial Institutions Deposit and Investment Act (District law that provide instructions on safeguarding the District’s deposits/assets): https://code.dccouncil.us/dc/council/code/titles/47/chapters/3/subchapters/III-A.

Collateral and Reporting Requirements 

  • Financial Institutions holding District deposits above the FDIC-insured amount are required to collateralize deposits in the amount of 102 percent by pledging securities (see below pledge options).
  • https://code.dccouncil.us/dc/council/code/sections/47-351.08.html -- Referenced in Section 47-351.8 of the above referenced “Financial Institutions Deposit and Investment Amendment Act of 1997”).

Collateral Pledge Options offered by the District

  1. Pledge securities into the District government’s Federal Reserve Joint Custody account. The Federal Reserve’s Joint Custody division must be contacted directly. The District collateral requirement would be 110 percent. [In accordance to Section 47-351.8 of the Financial Institutions Deposit and Investment Amendment Act of 1997, the District “…may at any time require that collateral exceed 102 percent of the District funds held for deposit or investment”].
  2. Enter into a Tri-Party agreement with Bank of New York (BNY) as the custodian and District government. BNY must be contacted directly. The collateral requirement would be 102 percent.
  3. Obtain from Federal Home Loan Bank (FHLB) an Irrevocable Standby Letter of Credit in favor of the District government. FHLB must be contacted directly. The amount must be at a minimum of 102 percent of the District deposits held at your financial institution.

District UCC Law

Depository and District Fund Acts