Newsroom
NAFCU releases updated marijuana banking brief
A new version of NAFCU's Marijuana Banking Issue Brief is now available online, providing credit unions with comprehensive, up-to-date information on federal legislative efforts and state-level marijuana laws. Earlier this year, lawmakers in the House passed the bipartisan Secure and Fair Enforcement (SAFE) Banking Act, designed to provide a safe harbor for credit unions and other lenders that serve marijuana-related businesses (MRBs) in states that have legalized the drug.
The updated brief also 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 brief explores updates to the SAFE Act while it awaits action in the Senate, as well as two other bills that have been introduced in Congress.
Additionally, the brief explores the U.S. Department of Agriculture's (USDA) interim final rule that outlines provisions for legal hemp production and addresses discrepancies in certain circumstances – such as state and tribal laws – where it might still be illegal. It also includes information on the NCUA's interim guidance – developed at the request of Senate Majority Leader Mitch McConnell, R-Ky. – which allows federally insured credit unions to provide certain financial services to legally operating hemp businesses.
While NAFCU has not and will not take a position on the legalization or decriminalization of marijuana, the association has encouraged Congress to consider legislative complexities and noted the benefits of a strong safe harbor for financial institutions that wish to serve MRBs, similar to that which is proposed in the SAFE Act.
NAFCU has a number of resources in addition to the brief, including a pros and cons document and Compliance Blog, and has explored the issue in its monthly Compliance Monitor newsletter and bimonthly magazine.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.