NCUA Board Chairman Rodney Hood acknowledged the uncertainty around providing financial services to hemp farmers and processors, noting that the agency is consulting with the Financial Crimes Enforcement Network (FinCEN) and other federal banking regulators on possible guidance.
The NCUA was among five federal agencies to respond to a request from Sen. Michael Bennet, D-Colo., for more information on banking hemp businesses.
“I share your concern that hemp farmers and processors may lack access to the financial services system,” Hood said in response to Bennet’s request. “Full access to the system will better enable these farmers and processors across the country to make investments in their businesses and create jobs.”
Since 2014, federal lawmakers have taken steps to deregulate hemp; while it comes from the same plant family as marijuana, it has a different chemical makeup and is primarily used for industrial purposes. The 2018 Farm Bill removed hemp from the federal list of controlled substances and categorized it as an agricultural product.
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