Despite Earlier Success, Marijuana Banking May Be a Ways Off
With Congress recessed, any expectations for protections to financial institutions serving cannabis businesses will have to wait until 2024, and most lobbyists and Congressional staff suggest even that is unlikely.
Mastercard Tells CUs, Banks to Stop Serving Marijuana Businesses
Demonstrating the perilous state of marijuana banking, Mastercard has directed credit unions and banks to stop offering payment services to marijuana-related businesses even in states where cannabis is legal, reports David Baumann of CUCollaborate.
First Lessons from a Credit Union’s CUSO’s Public Offering
Valuable lessons can be learned from Partner Colorado Credit Union and their CUSO subsidiary Safe Harbor Financial. Chip Filson shares what happened when Safe Harbor went public, and what credit unions might learn from the episode.
Once Again, Advocates Push Marijuana Banking Bill
The House has passed legislation seven times giving financial institutions a regulatory safe harbor if they provide services to marijuana-related businesses, but each time, the measure has died in the Senate, reports David Baumann. Eighth time’s the charm?
New Chairman of Subcommittee on Financial Institutions Supports Cannabis Banking
Representative Andy Barr, a Republican from Kentucky’s 6th district, was chosen to lead the Subcommittee on Financial Institutions and Monetary Policy, which was previously known as the Subcommittee on Consumer Protection and Financial Institutions, reports Esteban Camargo.
Congress Returns With Major CU Proposals Unresolved
Congress returns to Capitol Hill this week with a long list of unresolved issues that could have a direct impact on credit unions—ranging from marijuana banking to credit card interchange policies, reports David Baumann of CUCollaborate.
Congress Passes Funding, NFIP Extension, Goes Home with Work Undone
Congress managed to keep much of the federal government and the National Flood Insurance Program funded before leaving for the campaign trail last week but punted on many major issues—either preferring to consider them in a lame duck session or not at all, reports David Baumann of CUCollaborate.
Cannabis Banking Bills Face Slow Progress and Disappointment
Despite broad bipartisan support and a desperate need for clarity on the issue, cannabis banking bills are making little headway in the Senate. NCUA board member Rodney Hood has doubts they will make any significant progress soon, Emily Claus reports.
House Passes Bill on NCUA Third-Party Authority and Marijuana Banking
Last week, the House of Representatives passed the National Defense Authorization Act. Emily Claus details what parts of the bill impact credit unions and what changes can be expected.
Prize-Linked Savings Allowed in Bill Passed by Pennsylvania House of Representatives
The Pennsylvania House of Representatives passed House Bill 331 sponsored by Representative Rosemary Brown (R-Monroe/Pike) allowing incentive-based savings programs and protecting financial institutions from offering cannabis-related business services, reports Esteban Camargo.
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