Newsroom

July 23, 2019

Clarity needed on marijuana banking, NAFCU tells Senate committee

Capitol HillNAFCU Vice President of Legislative Affairs Brad Thaler reiterated NAFCU's support for greater clarity and legal certainty at the federal level for credit unions that service marijuana-related businesses (MRBs) in states where the drug has been legalized.

Thaler outlined NAFCU's support of such an approach ahead of a Senate Banking Committee hearing on the issue, set to begin at 10 a.m. Eastern today.

While NAFCU has not taken a position on the legalization or decriminalization of marijuana, it has encouraged Congress to consider legislative complexities and previously noted the benefits of a strong safe harbor for financial institutions that wish to serve MRBs.

Currently, serving marijuana-related businesses pose significant compliance risks for credit unions. NAFCU has available a new issue brief on marijuana banking, which outlines the current status of three bills that have been introduced in Congress and more. The association also has a pros and cons document to help credit unions understand these risks in greater detail.

In addition to the pros and cons resource, NAFCU has additional information available on its Compliance Blog and has explored the issue in its monthly Compliance Monitor newsletter and bimonthly magazine.