January 14, 2020

Marijuana banking, risks focus of webinar today

WebinarMarijuana-related businesses (MRBs) and the risks associated with providing them financial services are the focus of today’s webinar moderated by Kaley Schafer, NAFCU’s regulatory affairs counsel. The webinar aims to provide a baseline understanding of how to analyze the risks involved in servicing MRBs and will recommend best practices for setting up a cannabis banking program. Understanding how technology can increase compliance will also be discussed.

While NAFCU has not and will not take a position on the legalization or decriminalization of marijuana, the association has a number of resources on the issue and continues to encourage Congress to consider legislative complexities as several states have legalized the drug. In November, NAFCU released an updated issue brief that provides credit unions with comprehensive, up-to-date information on federal legislative efforts and state-level marijuana laws.

NAFCU’s resources on the issue include a Compliance Blog post, an article in the association’s monthly Compliance Monitor newsletter, and a feature in its bimonthly magazine. In addition to the webinar today, the association has also produced a pros and cons document to help credit unions determine if serving MRBs is right for their institution.

The webinar is scheduled to begin at 2 p.m. Eastern and registration is required for the event. One registration gives an entire credit union access to the on-demand recording via the Online Training Center for one year after the air date.