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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.