District Of Columbia § 47-351.08 - Collateral and reporting requirements.
Full text of District Of Columbia D.C. Code § 47-351.08 — Collateral and reporting requirements., with citation guidance and answers to common questions.
§ 47-351.08. Collateral and reporting requirements.
47-351.08Except for securities directly purchased without a repurchase agreement and money market funds, an eligible financial institution must at all times provide collateral equal to at least 102% of the District funds held by the eligible financial institution for deposits and investments that are not fully federally insured.
The Mayor, or the CFO pursuant to , may accept as collateral any combination of the following:
Bonds, bills, or notes for which the interest and principal are guaranteed by the United States government;
Securities of a quasi-governmental corporation;
Investment grade obligations of the District or a state or local government;
Collateralized mortgage obligations; or
Letters of credit issued by a Federal Home Loan Bank.
The Mayor, or the CFO pursuant to , may at any time classify the use of a particular type of collateral as ineligible.
The Mayor, or the CFO pursuant to , may at any time require that collateral exceed 102% of the District funds held for deposit or investment.
The Mayor, or the CFO pursuant to , shall require the eligible financial institution to place required collateral in a joint custody account established for the benefit of the District at the Federal Reserve Bank under procedures of the Federal Reserve Bank, or in an independent third-party insured institution. Collateral for investments may be placed at a third-party insured institution customer account in a Federal Reserve Bank with the approval of the Mayor, or the CFO pursuant to .
Upon written approval of the Mayor, or the CFO pursuant to , an eligible financial institution may substitute collateral of greater or equivalent value from the various types listed in subsection (b) of this section.
An eligible financial institution may not withdraw collateral previously pledged without the prior approval of the Mayor, or the CFO pursuant to .
An eligible financial institution shall submit to the Mayor, or the CFO pursuant to , monthly verified reports that list all segregated collateral for District funds and its market value. The report shall also include the average daily balance of the amount of District funds on deposit or invested for the previous month. An insured institution shall submit copies of its quarterly call reports within 45 days after each fiscal quarter. A noninsured institution shall submit its Form 10K or annual financial statements within 60 days after each fiscal year.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 47-351.08
What does D.C. Code § 47-351.08 cover?
Section 47-351.08 ("Collateral and reporting requirements.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 47-351.08?
A common citation format is "D.C. Code § 47-351.08" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 47-351.08 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.