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New marijuana banking brief available
A new version of NAFCU's marijuana banking issue brief is now available online, providing credit unions with comprehensive updates on federal legislative efforts and state-level marijuana laws. The brief provides information on the political and regulatory landscape surrounding marijuana banking to help credit unions better understand the current state of play in this area.
On the federal side, the issue brief outlines the current status of three bills – including the SAFE Banking Act and STATES Act – that have been introduced in Congress. NAFCU continues to support legislative steps to provide clarity and legal certainty to the question of whether financial institutions may safely allow state-authorized, marijuana-related businesses to have access to their services.
Insights from FinCEN's latest Marijuana Banking Update and changes as a result of the Hemp Farming Act are also highlighted in the brief.
NAFCU will continue to update the issue brief as discussions progress on Capitol Hill and in the states.