Due to a lack of federal regulation, many financial institutions cannot serve marijuana businesses without risk of repercussions. This inaccessibility leaves marijuana businesses open to safety and financing issues, the Massachusetts marijuana businesses argued when they filed their lawsuit last week, reports David Baumann.
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.
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.
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?
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.
The House passed marijuana banking legislation for the sixth time, sending it to the Senate, where its fate remains uncertain, reports David Baumann of the Washington Credit Union Daily.
Marijuana banking, not bank access to military bases, may emerge as a major issue for credit unions as the Senate prepares to consider its version of the annual defense authorization bill, reports David Baumann of the Washington Credit Union Daily.
With a Little Help from Our Friends: What Credit Unions Can Do to Prepare for Cannabis Banking Partnerships
As the future of credit unions’ relationship with cannabis businesses lies in the hands of Congress, Stacy Brower details ways for credit unions to prepare for these accounts, should the SAFE Act pass.
On April 19, 2021, the House officially passed the SAFE Banking Act, which aims to protect financial institutions servicing cannabis accounts. Emily Claus covers the path of the legislation, where it goes from here, and what its odds of success are.