CA AB2214

Creates a Community Reinvestment Account within the Local Agency Investment Fund (LAIF), requiring the State Treasurer to transfer 5-10% of LAIF funds into this account for deposits with qualifying financial institutions

Qualifying institutions must demonstrate small business lending in underserved census tracts, first-time or first-generation home buyer lending, partnerships with CDFIs or Small Business Development Centers, or financing for disaster-displaced homeowners

Prioritizes deposits to Minority Depository Institutions (MDIs), community banks serving rural and urban low-wealth areas, and Community Development Financial Institutions with California lending footprints

Reduces collateral requirements for Federal Home Loan Bank letters of credit to 90% of deposit value (down from the standard 100%) for Community Reinvestment Account deposits

Requires participating institutions to submit quarterly performance reports on small business and first-time homebuyer loans, which the Treasurer must publish in a public "Community Reinvestment Dashboard"