Maryland Access to Banking Act - LMI Investment Programs

Maryland Access to Banking Act - Financial Regulation

Last reviewed/updated: March 24, 2026

About the Maryland Access to Banking Act

Governor Wes Moore signed the Maryland Access to Banking Act into law on May 8, 2023. As part of Governor Moore’s pledge to “Leave No One Behind”, the Act promotes the growth of financial services in low-to-moderate income (LMI) communities. The Act aims to achieve this by:

1. Offering an assessment credit to Maryland state-chartered banks and credit unions that operate branches in LMI communities; and
2. Establishing a venture fund to invest in financial innovations that develop opportunities for banks and credit unions to better serve the needs of LMI communities. The Act tasks the Office of Financial Regulation (OFR) with developing and utilizing these initiatives to strengthen financial resources for all Marylanders.

For more information and to read the text of the Act, visit the Maryland General Assembly’s website.

Assessment Credits

Maryland state-chartered banks and credit unions are assessed an annual fee to cover the expenses of regulating the industry. The Act adjusts the current assessment system for depository institutions by offering an assessment credit to incentivize the establishment of new (de novo) branches and the retaining of existing branches in LMI communities.

Subscribe to OFR emails for updates on how Maryland state-chartered banks and credit unions may apply for and earn the assessment credit.

Maryland Community Investment Venture Fund

The Act requires OFR to create and seed the Maryland Community Investment Venture (MCIV) Fund. The purpose of the MCIV Fund is to invest in tools that will assist Maryland state-chartered banks and credit unions to better serve LMI communities. The MCIV Fund will be guided by several principles, including:

• The MCIV Fund will invest in and partner with financial technology (“fintech”) firms that are developing financial products and innovations that enhance access to capital, funding, and financial services for small businesses in LMI communities.
• When determining where to invest its resources, the MCIV Fund will deploy, test, and evaluate the innovations developed by partner fintechs according to the positive impact on providing capital and funding to small businesses in LMI communities.
• To enhance access to capital, funding, and other financial services in LMI communities, the MCIV Fund will promote and make available to Maryland state-chartered banks and credit unions the innovations developed by the partner fintechs. The MCIV Fund will be seeded by an initial equity capital investment of up to $2,500,000 from OFR’s Banking Institution and Credit Union Regulation Fund. Through June 30, 2028, the Commissioner of Financial Regulation may match any investment in the MCIV Fund by a Maryland state-charted bank or credit union in the amount of the assessment credit earned by the Maryland state-chartered bank or credit union. All investment returns or return of capital from the MCIV Fund shall be credited to OFR’s Banking Institution and Credit Union Regulation Fund.

If you are a fintech firm interested in accessing resources that will be made available by the MCIV Fund or a Maryland state-chartered depository institution interested in participating in the MCIV Fund, subscribe to OFR emails for updates regarding next steps, eligibility criteria, and the application process.

Contact

• For questions about filing an application or paying an application fee, contact Stephen Clampett, Assistant Commissioner, by phone at 410-230-6104 or by email at [email protected].
• Applications should be sent via email to [email protected] MEETING NOTICE

Meeting Notice – The next meeting of the Advisory Board for the Maryland Community Investment Venture Fund is scheduled for Tuesday, March 17, 2026 at 9:30am. The meeting may be accessed by members of the public via Google Meet and will be available by telephone at 1-402-603-2087 PIN: 786 116 014#. View the meeting agenda

If necessary, the Advisory Board will enter a closed session to seek the advice of counsel or review confidential materials, pursuant to General Provisions Article, Maryland Annotated Code §3-305.

Posted on OFR website: March 16, 2026

Past Meeting Agenda and Minutes

October 25, 2024: Agenda | Minutes
February 5, 2025: Agenda | Minutes
July 23, 2025: Agenda | Minutes
January 6, 2026: Agenda | Minutes