The Access to Banking Act, a Moore-Miller Administration priority that was supported by the MD|DC Credit Union Association, was among the bills signed Monday.

Association President/CEO John Bratsakis and VP of Advocacy Rory Murray joined Governor Wes Moore, Senate President Bill Ferguson and Speaker of the House Adrienne Jones during a state house ceremony.

The Access to Banking Act 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 Association testified in support of the bill earlier this year and worked closely with the Moore-Miller Administration to ensure the legislation included consumer safeguards.

“The Access to Banking Act will support the development of financial solutions to enhance access to capital for small businesses in underserved communities,” said John Bratsakis, President/CEO of the MD|DC Credit Union Association. “The bill also promotes responsible innovation by ensuring the products will be available through regulated financial institutions.”

The bill will also allow the Office of 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.