There is a Community Reinvestment Board.

The Board consists of at least 17 members. The Secretary of the Department of Housing and Community Development and the Secretary of Commerce or their designees are nonvoting members. The Governor shall appoint at least 15 voting members. Subject to the requirements of this subsection, the voting members shall be appointed and removed in accordance with the organizational documents of the Fund. At least two–thirds of the voting members shall represent: the commercial banking or savings institution industry in the State or other participants that have pledged or contributed money or other substantial assistance to the Fund; or trade organizations consisting of or otherwise representing two or more members of the commercial banking or savings institution industry in the State or other participants that have contributed money or other substantial assistance to the Fund. At least 20% of the voting members shall represent community groups or other entities that may be eligible to receive community reinvestment assistance. The majority of voting members shall represent the groups described in paragraph (2)(i) of this subsection. A member of the Board may be a director or member or may have some other legal status required by or appropriate to the type of entity constituting the Fund. The term of a voting member may not exceed 3 years. A voting member may be reappointed.

The Board shall set the times and places of its meetings.

Subject to the requirements of this title, the organizational documents of the Fund shall govern the operation of the Board, including quorum and voting requirements. The Board has all powers arising from the documents and procedures creating and organizing the Fund as an independent legal entity. The Board shall: operate the Fund; keep proper records of the Board’s accounts; establish standards and guidelines for: the terms and conditions of community reinvestment assistance and other Fund reinvestments; and allocating community reinvestment assistance and other Fund investments; apportion among Fund transactions the operating costs of the Fund; and within the first 90 days of each fiscal year, make an annual report of Fund activities to the Governor and, subject to § 2–1257 of the State Government Article, to the General Assembly. The Board shall appoint a loan committee to review and make determinations on specific requests or categories of requests for community reinvestment assistance to community reinvestment projects. The loan committee may review and make recommendations to the Board on other matters as the Board determines, including eligibility guidelines and financing policies for community reinvestment projects. The loan committee consists of: the Secretary of Housing and Community Development and the Secretary of Commerce or their designees as nonvoting members; and the voting members that the Board appoints or their designees.