Association Testifies in Support of Expanding Maryland’s Community Investment Venture Fund

MD|DC Credit Union Association President and CEO John Bratsakis testified before a Senate committee in Annapolis in support of legislation that would expand eligible investments and increase funding for Maryland's Community Investment Venture Fund.

In his remarks, Bratsakis highlighted the Fund's growing importance as a catalyst for economic development and a key resource for expanding financial inclusion in low- to moderate-income communities across the state. Representatives from the Governor's Office of Innovation, the Office of Financial Regulation, Maryland Cash Campaign, and Economic Action Maryland also testified in favor of the bill.

The proposed bill broadens the scope of the Venture Fund by allowing funding for consumer-focused financial technology solutions, rather than limiting support solely to small-business initiatives. By enabling assistance through investments, grants, and other financial tools, the legislation aims to make it more affordable for state-chartered credit unions to adopt advanced lending technologies. These tools are especially valuable for serving low- and moderate-income communities, where implementation costs can often be a barrier.

(L-R) Francesca Ioffreda, Chief Innovation Officer, State of Maryland; Tony Salazar, Maryland Commissioner of Financial Regulation; Marceline White, Exec. Director, Economic Action Maryland; Robin McKinney, CEO, Maryland Cash Campaign; Amy Hennessey, Assistant Commissioner and Student Loan Ombudsman, Maryland Office of Financial Regulation; Portia Wu, Secretary, Maryland Department of Labor; Michael Sprouse, Deputy Commissioner of Depository Supervision, Maryland Office of Financial Regulation; Stephen Clampett, Assistant Commissioner Government Operations, Maryland Office of Financial Regulation; Kay Hyland, Deputy Commissioner of Financial Service and Consumer Protection

The legislation also introduces Maryland Opportunity Accounts, a new category of certified low-cost accounts designed to promote financial stability. These accounts would provide free deposits, withdrawals, and bill-pay services, and carry no overdraft or non-sufficient funds fees. To encourage adoption, the bill offers incentives for state-chartered credit unions that choose to offer these accounts, supporting broader statewide financial-inclusion goals.

The MD|DC Credit Union Association has played a key role in the development of the Venture Fund from the outset. Bratsakis continues to serve on the Fund's Advisory Board, helping guide its mission and ensure its programs align with the needs of both credit unions and the communities they serve.