CUs won’t be sanctioned for providing Marijuana banking: NCUA Chairman Hood
Hood says, during an exclusive interview with CU Times, he wants to ensure that credit unions continue to follow the rules.
Credit unions in states where marijuana is legal won’t be sanctioned for providing services to cannabis-related businesses as long as they follow money laundering, Bank Secrecy Act, safety and soundness and other rules, NCUA Chairman Rodney Hood said Friday.
“It’s a business decision for the credit unions if they want to take the deposits,” Hood told CU Times, in a wide-ranging interview at NCUA headquarters in Alexandria, Va.
He added, “We don’t get involved with micro-managing credit unions.”
He said that credit unions that provide services to cannabis-related businesses must comply with FinCEN rules, file Suspicious Activity Report and must strictly adhere to other rules.
Then, they will not be cited for merely doing business with cannabis firms, Hood said.
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