Newsroom
New 2021 marijuana banking brief released
NAFCU has a new version of its marijuana banking brief available online to provide credit unions with comprehensive updates on regulatory landscape, Financial Crimes Enforcement Network (FinCEN) data and federal legislative efforts for marijuana laws.
While NAFCU has not and will not take a position on the legalization or decriminalization of marijuana, the association has developed resources and will provide updates on the political and regulatory landscape surrounding marijuana banking to help credit unions better understand the current state of play in this area.
Here's a look at some of the key updates included in the new brief:
- State laws: Currently, there are 36 states that have legalized medical marijuana and 17 plus Washington, D.C. that have legalized adult use of the drug. NAFCU's new brief provides some background on the legalization movement, noting that it is still categorized as a Schedule I substance at the federal level.
- Regulatory: NAFCU’s brief details key changes in the shifting of leadership at various agencies and departments of the executive branch and adjustments in guidance. This has created a patchwork of considerations to weigh for credit unions that are determining whether to offer financial services to marijuana-related businesses (MRBs).
- Federal legislation: An update on the SAFE Banking Act – which passed the House in April and is intended to allow legitimate cannabis-related businesses and service providers access to financial services in order to reduce the amount of cash at such businesses and increase public safety. It looks to protect depository institutions from adverse actions by regulators, including having their deposit or share insurance terminated or limited, but does not require depository institutions to provide financial services to MRBs.
- Final hemp rule: The United States Department of Agriculture recently published the final rule regulating the domestic hemp production program as required by the 2018 Farm Bill. This new brief dives into the final rule’s framework and how other agencies will produce or update existing guidance.
- FinCEN data: From the most recent FinCEN’s Marijuana Banking Update data, NAFCU’s new brief provides insights into the trends on depository institutions providing banking services to MRBs.
NAFCU will continue to keep credit unions updated of legislative and regulatory changes that could impact their operating environment.
Share This
Related Resources
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.