Maryland Code, Financial Institutions § 6-705

(1) General obligations of or obligations guaranteed by the United States;

(2) Deposits, loans, shares, or stock of any federal reserve bank, federal home loan bank, or any central liquidity facility established under state or federal law;

(3) Securities, obligations, or other instruments of or issued by or fully guaranteed as to principal and interest by the federal government or a unit of the federal government;

(4) General obligations of a state or a federal territory or political subdivision, provided that the general obligation is rated in one of the three highest rating categories of a nationally recognized statistical rating organization as determined by the Commissioner;

(5) Deposits or federal funds of any financial institution that has federal deposit insurance;

(6) Shares or deposits of other credit unions;

(7) Mutual funds that invest solely in investments permissible for direct investment by the credit union;

(8) Repurchase transactions secured by investments permissible for direct investment by the credit union; or

(9) Any other investment that the Commissioner approves.

(b)(1) Subject to the provisions of paragraph (2) of this subsection, in addition to the investments authorized under subsection (a) of this section, a credit union may request authority from the Commissioner to make other investments, including investments authorized under the federal Credit Union Act  1 or regulations of the National Credit Union Administration, on an ongoing basis.

(2) To obtain the Commissioner's approval for additional investment authority under paragraph (1) of this subsection, a credit union shall submit to the Commissioner an investment policy.