DOVER — Following a press conference Monday morning with leaders from Delaware’s financial sector, Sen. Spiros Mantzavinos and Rep. Bill Bush filed legislation to modernize Delaware’s banking laws while safeguarding consumers in today’s rapidly-evolving financial landscape.

“In 1981, our predecessors in the General Assembly passed the Financial Center Development Act, paving the way for Delaware to become the ‘credit card capital’ of the nation. That was decades ago — and much has changed in our financial sector in that time,” said Sen. Mantzavinos, chair of the Senate Banking, Business, Insurance & Technology Committee. “Modernizing Delaware’s banking code is long overdue. With this package of legislation, we’re not vastly changing our identity in the financial sector, but we’re continuing the tradition that made us successful in the first place.”

In the years following the passage of the Financial Center Development Act, Delaware gained thousands of new jobs in the finance sector. Today, the financial sector accounts for roughly 9% of Delaware’s jobs, which is nearly double the national average.

“Our administration is focused on attracting the jobs of the future to the First State, and that includes continuing to foster an innovative banking ecosystem that will open doors not just for workers and companies, but for every single person who participates in our economy,” said Governor Matt Meyer. “This legislative package sends a signal loud and clear: here in Delaware, we’re democratizing our financial services and lowering the barriers to entry, making it easier for all residents to send, receive and save money with just an internet connection. Thank you to Sen. Mantzavinos and Rep. Bush for your leadership in the General Assembly, and for making today’s announcement possible.”

The press conference took place at the Center for Accelerating Financial Equity, located at the FinTech Innovation Hub on the University of Delaware’s STAR Campus.

“At UD, our fintech mission is to ensure that everyone has the tools, knowledge and access to build stable futures for themselves and their families,” said University of Delaware President Laura Carlson. “We’re engaged in pioneering fintech research and exploring a future pilot program to use stablecoin on campus — innovations that are only possible because of the creative fintech ecosystem we’re cultivating on campus and with our community partners.”


Senate Bill 16 , also known as the Delaware Banking Modernization Act, is the first major revision to Title 5 of the Delaware Code since the 1981 passage of the Financial Center Development Act. SB 16 updates Delaware Code by defining digital assets, expanding the State Bank Commissioner’s authority, modernizing corporate governance and organizational requirements for state-chartered banks and trust companies, facilitating interstate trust company operations and conversions, and expanding the authority of out-of-state financial institutions to act as fiduciaries in Delaware.