Maryland Advocacy Roundup

In today's Maryland Advocacy Roundup… Familiar faces take on new roles, Sen. Van Hollen Weighs a Leadership Bid, and credit unions exempt from student financing statue.

Van Hollen Eyes Senate Leadership Role

Maryland Sen. Chris Van Hollen is reportedly considering a challenge to Sen. Chuck Schumer for Senate Majority Leader. Van Hollen says he is actively listening to colleagues within his party but has not formally announced a bid. Senate Democrats are expected to select their leader by secret ballot in December.

Manny Welsh Named Governor Moore's Chief of Staff

Manny Welsh has been named Gov. Wes Moore's new Chief of Staff. The Association has worked closely with Welsh on several key initiatives, including the Access to Banking Act, and efforts to support federal workers affected by government shutdowns and communities impacted by the collapse of the Key Bridge. Welsh also spoke with credit union leaders during the Association's State House Day earlier this year.

Adrian Boafo to Join Maryland's Congressional Delegation

Adrian Boafo will be the newest member of Maryland's congressional delegation, succeeding retiring Rep. Steny Hoyer, who has represented Maryland's 5th Congressional District for 45 years. Boafo currently serves in the Maryland House of Delegates. The Association has reached out to congratulate him and looks forward to building a strong working relationship as he transitions to Congress.

Maryland Student Financing Law Does Not Apply to Credit Unions

The Maryland Office of Financial Regulation (OFR) issued updated guidance on November 12 about the Student Financing Company Act. The law requires companies that offer private student loans or tuition payment plans to register with the state and submit annual reports on their lending activities. Companies that fail to follow these rules could face serious penalties.

The key takeaway for credit unions: This law does not apply to you. Credit unions and certain subsidiaries are specifically exempt from the law. That means credit unions offering private student loans or refinancing do not need to register or file the required annual reports.