New marijuana banking bill could bring more clarity to CUs
A bill that could provide more clarity on credit unions and banks doing business with marijuana-related companies in states where the substance is legal reportedly has the support of President Donald Trump, based on comments he delivered last week.
The bill, the Strengthening the Tenth Amendment Through Entrusting States (STATES) Act, is sponsored by Sen. Elizabeth Warren, D-Mass., and Cory Gardner, R-Colo. American Banker reports that the bill also has support from Reps. Earl Blumenauer, D-Ore., and David Joyce, R-Ohio., who are planning a House version.
The bill would carve out businesses from the Controlled Substances Act if they are complying with state laws that allow the legal production and distribution of marijuana.
The bill's future in Congress is uncertain.
NAFCU has resources available to credit unions on this issue through its Compliance Blog and monthly Compliance Monitor newsletter to help them understand the compliance risk of serving marijuana businesses.
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