CA SB877

Increases the required value of letters of credit issued by the Federal Home Loan Bank of San Francisco from 10% in excess of deposited amounts to 100% of deposited amounts for both banks and savings and loan associations or credit unions.

Amends Government Code Sections 16522 and 16612 to establish equal collateral requirements for Federal Home Loan Bank letters of credit used as security for state deposits.

Makes nonsubstantive corrections to statutory references in the California Housing Finance Agency bond provisions and United States Housing Act citations.