NAFCU talks marijuana banking landscape with state AGs, regulators
NAFCU Regulatory Affairs Counsel Kaley Schafer yesterday provided insights into regulatory challenges facing financial institutions that serve marijuana-related businesses (MRBs). Schafer was part of a panel at a Regulator Roundtable, hosted by the Maryland Medical Cannabis Commission, which also featured representatives from state credit union and bank supervisory groups.
As several states have legalized marijuana, NAFCU has encouraged Congress to consider legislative complexities, noting the benefits of a strong safe harbor for financial institutions that wish to serve MRBs. Congress continues to consider ways to allow financial institutions to serve these businesses in states that have legalized the drug; the House in September passed legislation to provide a safe harbor for credit unions and other lenders that serve MRBs.
NAFCU recently released an updated version of its Marijuana Banking Issue Brief that provides comprehensive, up-to-date information on federal legislative efforts and state-level marijuana laws. The new brief also provides information on the political and regulatory landscape surrounding marijuana banking to help credit unions better understand the current state of play in this area.
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