The state, and its agencies and quasi-public authorities, shall invest or hold funds on deposit, whether temporarily or permanently, only at federally insured and regulated banks that are deemed to be financially sound or in money funds offered by banks directly or through their affiliates or subsidiaries, according to state investment commission rules, regulations, and guidelines and also in full compliance with the federal Community Reinvestment Act (CRA), 12 U.S.C. § 2901 et seq. Initially, full compliance shall mean that the bank has been reviewed at least once by the appropriate federal regulatory authority and has achieved the “outstanding” or “satisfactory” rating for compliance at the time of its latest review. Should a bank’s rating fall below “satisfactory”, the state shall have a reasonable amount of time to withdraw its funds. Preference will be given in the placement of state funds to those banks which have achieved a CRA rating of “outstanding”. A system for determining this preference will be established in writing by the general treasurer after consultation with the state investment commission.