Credit Unions Get Green Light to Provide Financial Services to Cannabis Companies

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The National Credit Union Administration has announced it will not punish credit unions for providing financial services to cannabis companies in states where cannabis is legal. If each of those guidelines is met, those credit unions will not be penalized for meeting the financial needs of cannabis businesses. Stay On Top of Cannabis News To stay informed on the latest reports on cannabis policy, cannabis business, or cannabis research studies, visit our news page. The Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595), was introduced to resolve the cannabis banking issue and passed a House committee in March. According to the MRB Monitor, Bank of America, Citigroup, JP Morgan, and Wells Fargo all provided some account services for cannabis businesses.

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The National Credit Union Administration has announced it will not punish credit unions for providing financial services to cannabis companies in states where cannabis is legal.

National Credit Union Administration (NCUA) Chairman Rodney Hood announced last week that credit unions who would like to do business with cannabis companies will not be sanctioned if they follow industry rules.

“It’s a business decision for the credit unions if they want to take the deposits,” Hood stated during an interview with Credit...

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