COLUMBIA, Md.–Maryland’s governor told credit unions attending the MD|DC Credit Union Association’s Annual Convention that credit unions play a key role in strengthening communities, supporting families and expanding access to economic opportunity.
“Our credit unions are invaluable partners in helping to address one of the single largest barriers to work, wages, and wealth in our state: And that is a lack of access to capital,” Gov. Wes Moore “Together, we’re accelerating innovations that make it easier for our small businesses to access the financing and services they need to thrive. That’s because we know the ones closest to the challenges will be the ones closest to the solutions.”
According to the MDDCCUA, to help the state expand access to economic opportunity, its advocacy team collaborated with the Moore Administration in 2023 to develop the governor’s Access to Banking Act. The initiative established the $2.5 million Maryland Community Investment Venture Fund which allows credit unions to partner with fintech companies to reach even broader and deeper into low- to moderate-income communities across Maryland, the MDDCCUA.
‘Mobilized Quickly’
In addition, “when Baltimore’s Key Bridge collapsed last year, credit unions across the region mobilized quickly in response to Gov. Moore’s call for financial relief for those impacted,” the MDDCCUA stated. “Within days, over 40 credit unions offered consumer loan and mortgage deferments, fee waivers, and other hardship programs.”
“We appreciate the continued partnership with Gov. Moore and his administration,” John Bratsakis, [resident and CEO, MDDCCUA, said in a statement. “Credit unions share his commitment to supporting long-term economic growth and opportunity by ensuring all Marylanders have access to affordable and responsible financial services. We look forward to continuing to collaborate to build a stronger financial future for all.”
