Number of credit unions serving marijuana businesses remains steady

by David Baumann, CUCollaborate

As Congress continues to struggle with marijuana banking legislation, the number of credit unions serving marijuana-related businesses has remained consistent, according to data recently released by the Financial Crimes Enforcement Network (FinCEN).

FinCEN reported that:

  • During the third quarter of FY22, 166 credit unions and 489 banks provided financial services to marijuana-related businesses;
  • Across the second quarter of FY22, 163 credit unions and 496 banks provided services to those businesses;
  • During the first quarter of FY22, 170 credit unions and 498 banks served marijuana-related businesses.

Background

Those figures were released as the 117th Congress continues to consider whether to provide a regulatory safe harbor for credit unions and banks that serve cannabis-related businesses.

 

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