Maryland Officials Highlight Innovation and Collaboration to Expand Access to Capital

The Maryland Governor's Innovation Team and the Office of Financial Regulation hosted a forum on financial innovation and community impact this week in Baltimore. The event brought together state officials, state-chartered credit unions, and banks to explore opportunities to partner with fintechs to expand access to capital and financial services for small businesses.

A key focus of the forum was the Maryland Community Investment Venture Fund (MCIV), a state initiative created to foster collaboration with fintechs and enhance access to capital and financial services for small businesses in low- to moderate-income communities.

MD|DC Credit Union Association President and CEO John Bratsakis participated in a panel discussion, emphasizing how the fund complements the mission of credit unions. He noted that more than half of Maryland's credit unions hold a Low-Income Designation and that dozens are recognized as Minority Depository Institutions-demonstrating a long-standing commitment to financial inclusion. "The collaborative nature of the fund, working alongside the state, OFR, and fintech innovators, reflects the cooperative spirit at the heart of credit unions," Bratsakis said.

The panel discussion was moderated by Shereefat Balogun, Assistant Commissioner of Financial Regulation at OFR.

Adrian Johnson, EVP and CFO at MECU Credit Union, also attended the event.

The MCIV Fund was established by the Access to Banking Act, signed into law by Governor Moore in 2023. Bratsakis serves on the fund's advisory board, representing state-charted credit unions.