Well, we can't say we didn't see this coming...we blogged back in March, 2017 on what the change in administration might mean for marijuana banking, and the federal government announced a change in its policy towards marijuana enforcement late last week.
U.S. Attorney General Jeff Sessions changes DOJ's position on marijuana.
In a move long forecasted by many legal and policy observers, last Thursday the attorney general issued a memorandum to rescind Obama-era guidance on federal enforcement of marijuana. Released just days after California became the latest (and largest) state to begin sales of recreational marijuana, the memo directs "all U.S. Attorneys to use previously established prosecutorial principles," in marijuana enforcement, thus eliminating the already-limited guidance that provided some measure of direction in navigating the conflict between federal illegality and state legality of marijuana. This policy shift will significantly heighten risks for credit unions serving state-authorized marijuana-related businesses or operating in states with legalized cannabis.
From The NAFCU Compliance Blog, written by Pamela Yu, Special Counsel for Compliance and Research, NAFCU