AB 2214: Government finance: deposits.

Official summary

Legislative Counsel’s Digest (official, as of the latest version). Written by nonpartisan legislative staff; reproduced verbatim.

Existing law requires the Treasurer to invest, or deposit into banks and other financial institutions, specified state moneys designated as surplus as a part of the Pooled Money Investment Account and determined to be available for that purpose by the Pooled Money Investment Board.

Existing law generally requires banks and other financial institutions to deposit with the Treasurer securities in a value at least 10% in excess of the amount deposited with the institution to be eligible to receive deposits of state funds, except as specified.

This bill would create within the Pooled Money Investment Account the Community Reinvestment Account from which deposits shall be made to institutions that meet specified performance standards including verified small business lending in underserved census tracts and first-time or first-generation home buyer lending. The bill would require the Treasurer to transfer $4 billion from the Pooled Money Investment Account to the Community Reinvestment Account. Because the moneys invested and reinvested as part of the Pooled Money Investment Account are continuously appropriated, this bill would make an appropriation. Notwithstanding the above-described securities requirement, this bill would instead require securities, for a deposit from the Community Reinvestment Account or under the Small Business Lending Time Deposit Program, to be in an amount in value of at least 90% of the amount deposited with the institution. The bill would require the Treasurer to deposit moneys from the Community Reinvestment Account with qualified institutions that have committed to specified lending activities, including, among other things, that at least 50% of the moneys from the account are used for affordable housing lending, as defined and specified. The bill would require institutions that receive deposits from the Community Reinvestment Account to submit quarterly, nonidentifying, performance reports to the Treasurer and the Treasurer to publish the data it receives in a publicly available report.

Sponsors

Sponsors by party (alphabetical): Democratic 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. April 14, 2026Re-referred to Com. on B. & F.
2. April 13, 2026(Pending re-refer to Com. on L. GOV.)
3. April 13, 2026Assembly Rule 56 suspended. (Page 4580.)
4. April 13, 2026From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
5. March 16, 2026Referred to Coms. on B. & F. and L. GOV.
6. February 20, 2026From printer. May be heard in committee March 22.
7. February 19, 2026Read first time. To print.