To help credit unions understand the compliance risks associated with serving marijuana-related businesses (MRBs), NAFCU has released a new resource featuring some pros and cons on the issue.
NAFCU’s new resource comes just as a House Financial Services subcommittee is set to hold a hearing today on providing banking services to MRBs. Ahead of the hearing, NAFCU Vice President of Legislative Affairs Brad Thaler sent a letter noting credit unions’ hesitation to provide financial services to MRBs because of the risk.
“NAFCU does not have, and is not taking, a position on the broader question of the legalization or decriminalization of marijuana at any degree at the federal or state level,” Thaler wrote. “However, we do support Congress examining what legislative steps can be taken to provide greater clarity and legal certainty at the federal level for credit unions that choose to provide financial services to state-authorized MRBs and ancillary businesses that may serve those businesses, in states where such activity is legal.”
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