MD|DC Credit Union Association Association President/CEO John Bratsakis and Vice President of Advocacy Rory Murray joined Maryland Gov. Wes Moore, Senate President Bill Ferguson and Speaker of the House Adrienne Jones for the bill signing at the Maryland state house Monday.
The Access to Banking Act was a priority of Moore’s administration and was supported by the MD|DC Credit Union Association. The Association testified in support of the bill earlier this year and worked closely with Moore and his staff to ensure the legislation included consumer safeguards.
It will create a venture fund using public and private money to develop fintech products for credit unions and banks to expand economic opportunity in underserved communities.
“The Access to Banking Act will support the development of financial solutions to enhance access to capital for small businesses in underserved communities,” said Bratsakis. “The bill also promotes responsible innovation by ensuring the products will be available through regulated financial institutions.”
The bill will also allow the Maryland Commissioner of Financial Regulation to provide assessment offset credits as an incentive for state-chartered banks and credit unions to keep or create physical branches in underserved and underbanked communities.