It was a first in NAFCU history. During a NAFCU webinar on banking cannabis businesses, a poll asked credit unions operating in states that had legalized marijuana why they weren’t serving the industry. Was it perceived legal risk, a confusing new market and standards, compliance costs or reputational damage? Participants responded in a perfect four-way tie, 25 percent each.
Though hardly scientific, the results are telling. Credit unions stand at a crossroads, and all directions bristle with risks and rewards. Just when marijuana legalization was picking up steam in the states, U.S. Attorney General Jeff Sessions put a chill in the air by rescinding Obama-era prosecutorial guidance. The Financial Crimes Enforcement Network’s (FinCEN) 2014 BSA guidance is intact — for now, at least — while the Treasury Department reviews its concerns.
From the July-August 2018 edition of The NAFCU Journal magazine.