WASHINGTON, DC (August 20, 2019) — The National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement after the National Credit Union Administration (NCUA) released interim guidance on serving hemp businesses:
“We thank NCUA Chairman Rodney Hood for issuing guidance clarifying that credit unions may assist businesses legally serving the hemp industry,” said NAFCU President and CEO Dan Berger. “This guidance will provide credit unions more certainty as they work to help their members. As noted in the guidance, credit unions must make a business decision as to whether to serve hemp businesses that are legal under federal law and, at a minimum, have strong risk measures in place, including ensuring they follow all Bank Secrecy Act requirements.”
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
