The conventional wisdom was that Democrats' 2020 electoral victories could overcome GOP objections to a pot banking bill, clearing its path to enactment. But now in control of both chambers of Congress, Democrats have unveiled [...]
If there was a clear winner in this month’s election, it was cannabis. With strong majority support for ballot initiatives legalizing recreational cannabis in Arizona, Montana, New Jersey, and South Dakota, 15 states will [...]
While marijuana has been legalized to varying degrees in 33 states (as well as the District of Columbia and Puerto Rico), many financial institutions remain hesitant to offer banking services to marijuana-related businesses (MRBs) because [...]
A question is getting asked these days that you probably never thought would be on the minds of credit union executives: should we get involved in cannabis banking? Even 10 months ago it was a [...]
Element FCU expects to become the first credit union in this state to serve the medical marijuana business. And, it expects to be the key to the growth of medical marijuana businesses here. Element FCU [...]
A national Credit Union Cannabiz Conference, that will exclusively focus on how credit unions can provide banking services for marijuana-related businesses, will be held in Chicago in April, organizers announced Wednesday. “There is tremendous opportunity, [...]
Over the long run, the cannabis industry has the makings of being a big-money business. Worldwide legal marijuana sales have more than tripled between 2014 and 2018 to almost $11 billion, and most analysts on [...]
The Secure and Fair Enforcement (SAFE) Banking Act is a critical first step to ensure legal cannabis marketplaces are safe, legal and transparent, CUNA and other financial services trade organizations wrote to Senate Banking Committee [...]
A new version of NAFCU's Marijuana Banking Issue Brief is now available online, providing credit unions with comprehensive, up-to-date information on federal legislative efforts and state-level marijuana laws. Earlier this year, lawmakers in the House [...]
One down, two more steps to go: That’s the situation with the federal SAFE Banking Act, which recently won approval by the U.S House of Representatives. The bill promises to open up cashless [...]
Last week’s historic House vote to advance the Secure and Fair Enforcement (SAFE) Banking Act was an example of what can happen when the financial services sector works together, CUNA Chief Advocacy Officer Ryan [...]
The House voted 321-103 to pass the Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595) Wednesday, a historic vote that comes months after strong CUNA, League and credit union advocacy on behalf of [...]
A small credit union has landed a potentially big medical marijuana banking contract with the state of West Virginia. West Virginia State Treasurer John Perdue said Monday that the $35.3 million Element Federal Credit [...]
The $1 billion Credit Union 1 in Anchorage, Alaska confirmed Wednesday that it pulled the plug on its pilot program that provided financial services to four marijuana-related businesses. “In July, our program reached an important [...]
Credit unions in states where marijuana is legal won’t be sanctioned for providing services to cannabis-related businesses as long as they follow money laundering, Bank Secrecy Act, safety and soundness and other rules, NCUA [...]
