CA AB1617

Requires the Treasurer to ensure that at least 30% of moneys invested in the time deposit program are deposited in time deposits with community banks and credit unions, consistent with liquidity requirements and prudent management.

Defines "community bank" as a bank or savings institution in California with aggregate assets of less than $10,000,000,000.

Defines "credit union" as a financial institution chartered under California or federal law and authorized by the Commissioner of Financial Institutions.

Authorizes the Treasurer to consider factors when selecting community banks and credit unions, including unemployment rates in served communities, low/moderate-income community service, small business lending, and in-state headquarters location.

Requires the Treasurer to identify in public reports the recipients of time deposits that qualify as community banks or credit unions.