Newsroom
Panel shows opportunities, potential pitfalls of marijuana banking
Credit union representatives – who indicated Monday that marijuana banking was among the top issues they wanted to learn more about while at Caucus – got an update on the regulatory landscape, consumer trends and more from a panel of diverse experts on the issue.
NAFCU Director of Regulatory Affairs Ann Kossachev moderated the panel, which focused on financial institutions' ability to provide services to marijuana-related businesses (MRBs), featuring Tim Moore, general counsel for Allegacy Federal Credit Union (Winston-Salem, N.C.), Becky Dansky, executive director for Safe and Responsible Banking Alliance, and Garth Van Meter, director of legislative affairs for Smart Approaches to Marijuana.
Moore noted the confusion around marijuana banking, especially considering the recent legalization of industrial hemp, and Dansky further expanded on the conflicts between state and federal law and the public safety issue of MRBs working primarily in cash. She added that among the financial institutions serving MRBs, most are credit unions.
Moore discussed congressional efforts to provide some clarity on the issue, such as the SAFE Banking Act (H.R. 1595), which would provide a safe harbor for credit unions and other lenders that serve MRBs in states that have legalized the drug. Van Meter, however, cautioned against separating the financial services issue from the legalization issue, encouraging credit unions to consider all aspects before entering marijuana banking.
While NAFCU has not taken a position on the legalization or decriminalization of marijuana, the association encourages Congress to consider legislative complexities and notes the benefits of a strong safe harbor for financial institutions that wish to serve MRBs.
A majority of states have legalized marijuana in some form – either medicinally or recreationally – and Dansky predicted even more will consider the change within the next year. “We’ve reached a point where it’s undeniable where Americans stand on this issues,” she said.
NAFCU has available a new FAQ document and several other resources on marijuana banking, including a pros and cons document and an extensive issue brief. NAFCU will continue to update these documents as discussions progress on Capitol Hill, and as credit unions raise additional questions.
Get updates on Caucus by following #NAFCUCaucus on Twitter and subscribing to NAFCU Today.
Share This
Related Resources
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
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Get daily updates.
Subscribe to NAFCU today.