Last, when deciding whether to serve hemp-related businesses, credit unions also need to consider other applicable federal and state laws. However, absent unusual or unlawful activity for the account, credit unions need not typically file such reports. By Tonya M. Esposito & Renee B. Appel on September 10, 2019 Following last year’s passage of the 2018 Farm Bill, the National Credit Union Administration (NCUA) issued a regulatory update in August of 2019 to federally insured credit unions. The industrial hemp pilot provisions under an earlier 2014 Farm Bill govern the lawful production of hemp; noncompliant production remains illegal. First, as of December 20, 2018, hemp is no longer designated as a federally controlled substance.
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