Introduced by Governor Wes Moore, the Access to Banking Act (HB 548) would establish a Community Investment Venture Fund for “developing opportunities for banks and credit unions to better serve low-to moderate-income [communities].”

The Venture Fund would be partially capitalized using money from the State’s Banking Institution and Credit Union Regulation Fund and would be overseen by the Maryland Commissioner of Finance. The fund would invest in the development of financial solutions to enhance access to capital for small businesses in those communities. The bill would also allow the Commissioner of Financial Regulation to provide assessment offset credits as an incentive for state-chartered banks and credit unions to keep or create physical branches in low- and moderate-income communities.

Association President/CEO John Bratsakis will testify in support of the bill at tomorrow’s hearing in the House Economic Matters Committee alongside the Acting Secretary of Labor, Portia Wu, and Commissioner of Financial Regulation, Tony Salazar.