Key Hearings in Maryland General Assembly This Week

The Association will testify and submit comment letters this week on key legislation impacting credit unions - including a requested amendment to the state's Credit Union Act, as well as bills addressing financial literacy, stablecoins, and a propsed public complaint database.

SB 783 - Credit Union Merger Voting Alignment
Hearing: February 27 | Position: Support (Association Requested Bill)
The MD|DC Credit Union Association requested a technical amendment to the Maryland Credit Union Act which resulted in the Credit Union Merger Voting Alignment bill. It would align Maryland's merger voting requirements with federal law by requiring only members of the merging credit union to vote on a proposed merger, unless the Commissioner provides otherwise. This technical update modernizes state statute and streamlines the merger process.

SB 696 - Financial Institutions Complaint Database
Hearing: February 26 | Position: Support with Amendments
SB 696 would create a public complaint database. While we support transparency, we are seeking amendments to ensure fairness and accuracy by:

• Including only actionable complaints within jurisdiction
• Clearly reflecting complaint status and final disposition
• Prominently identifying complaints determined to be unfounded
• Funding the database through neutral State sources, not additional industry assessments

These changes preserve transparency while preventing misleading or incomplete public reporting

HB 943 - Financial Literacy Graduation Requirement
Hearing: February 25 | Position: Support
HB 943 would require the State Board of Education to establish a personal financial literacy graduation requirement beginning with the class of 2030. The Association strongly supports this effort, which aligns with credit unions' long-standing commitment to financial education and empowering the next generation with essential money management skills.

SB 662 - Maryland Stablecoin Act
Hearing: February 26 | Position: Support
SB 662 establishes a regulatory framework for payment stablecoin services in Maryland. The bill allows a credit union-owned CUSO to apply for approval to operate as a payment stablecoin services institution under Commissioner oversight.

We support a strong, risk-based framework that protects consumers while allowing responsible innovation in digital payments. This structure enables credit unions to explore emerging technologies while insulating core insured activities.

We will continue monitoring these bills and keep credit union updated on developments.