Preservation of banking services.

(a) Without regard to the competitive bidding requirements of §§ 47-351.04 and 47-351.05 , the Mayor, or the CFO pursuant to § 47-351.02(c) , may place deposits or investments at an insured financial institution for the purpose of maintaining banking services in a low-to-moderate income area in the District.

(b) If the Mayor, or the CFO pursuant to § 47-351.02(c) , waives the requirements of §§ 47-351.04 and 47-351.05 , the Mayor, or the CFO pursuant to § 47-351.02(c) , shall execute a community development program agreement with the insured financial institution or certify that the insured financial institution is meeting the objectives of an existing community development program.

(c) For the purposes of this section only, a community development program agreement shall meet the requirements of § 26-704(d) .