Notice of Establishment of Maryland Opportunity Account Initiative

June 25, 2026

The Maryland Office of Financial Regulation (OFR) announces the establishment of the Maryland Opportunity Account initiative. Recent legislative updates to the 2023 Access to Banking Act that became law on July 1, 2026, include defining Maryland Opportunity Accounts as a new type of transactional account product that Maryland state-chartered banks and credit unions may offer to consumers. To read the text of the legislative updates, visit the Maryland General Assembly’s website.

Guided by standards annually set by the Commissioner of Financial Regulation, the Maryland Opportunity Account initiative is designed to encourage Maryland’s state-chartered banks and credit unions to offer basic, low- or no-fee transactional accounts that expand banking access to unbanked and underbanked Marylanders.

In collaboration with the national BankOn Program that certifies transactional accounts as BankOn accounts according to the Cities for Financial Empowerment Fund’s National Account Standards, the Commissioner has determined that a transactional account product offered by a Maryland state-chartered bank or credit union that first receives BankOn account certification will be certified by the OFR as a Maryland Opportunity Account.

After July 1, 2026, Maryland state-chartered banks and credit unions with a BankOn certified account may submit a request to the OFR for Maryland Opportunity Account certification. To submit a request for OFR certification, utilize the online OFR Maryland Opportunity Account certification form. Once an account is certified as a Maryland Opportunity Account, Maryland state-chartered banks and credit unions may advertise the account to consumers as a Maryland Opportunity Account in accordance with BankOn certification mark usage standards.

Beginning with the assessment fee billing period in early 2027, Maryland state-chartered banks and credit unions that receive BankOn and Maryland Opportunity Account certification for an active transactional account product will receive a $5,000 annual assessment fee credit for the first year the account is certified. For each year thereafter the account is certified as a Maryland Opportunity Account, the Maryland state-chartered bank or credit union will receive a $3,000 assessment fee credit.

To read information about the Cities for Financial Empowerment Fund’s National Account Standards and how to certify an account as a BankOn account, visit the national BankOn website.

The OFR is scheduling virtual sessions to provide the opportunity for industry representatives to ask questions about BankOn and Maryland Opportunity Account certification. A representative from the national BankOn organization will join these discussions. Information about the date and time for these virtual sessions will be provided soon.

Contact

For any questions regarding this advisory, please contact Stephen Clampett, Assistant Commissioner for Corporate Activities, by phone at 443-915-2383 or by email at [email protected].