Time Deposit Program: report.

Existing law, which is known as the Time Deposit Program, requires the Treasurer, if possible, to deposit state money into an eligible bank. Existing law defines eligible bank to mean a bank selected by the Treasurer that meets certain requirements, including that it received an overall rating of not less than satisfactory in its most recent evaluation by the appropriate federal financial supervisory agency of the bank's record of meeting the credit needs of the state's communities, including low- and moderate-income neighborhoods. This bill, on or before January 1, 2022, and on or before January 1 each year thereafter, would require the Treasurer to submit a report to the Legislature on the Time Deposit Program, as provided.