Committee hears departmental bill to expand Maryland Community Investment Venture Fund to households
Loading...
Summary
HB 259 would broaden the Access to Banking Act to let Maryland's MCIV Fund support consumer banking products and create incentives for banks to open Maryland Opportunity Accounts, aiming to extend financial services and affordable accounts to low‑ and moderate‑income communities.
Commissioner Tony Salazar and deputy staff presented House Bill 259, departmental legislation to refine the Access to Banking Act. The bill would expand the Maryland Community Investment Venture (MCIV) Fund's purpose to support consumer banking products in addition to small businesses, and add new assessment fee credits for institutions that offer Maryland Opportunity Accounts designed to be safe, affordable and accessible.
Deputy Commissioner Michael Sprouse said the bill builds on initial MCIV work and stakeholder feedback to address household banking gaps identified in FDIC data. Francesca Bridal, chief innovation officer in the governor's office, described engagement with fintechs and data‑driven efforts to connect solutions to state‑chartered banks. Support from the Maryland Bankers Association, credit unions and community advocates emphasized the bill's role in scaling promising partnerships and expanding financial inclusion for underserved households.
The committee received no substantive objections; stakeholders asked clarifying questions about implementation and administrative credits.
