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Marijuana Related Businesses National Credit Union Administration

Venable LLP

Marijuana Banking in 2022: Lessons Learned and Best Practices

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​​​​​​​As we pass the halfway mark of 2022, it's a good time to reflect on what has happened, or not happened, with respect to the legal framework for the provision of financial services to marijuana-related businesses...more

Troutman Pepper

Credit Union’s Marijuana-Related Compliance Failure is a Warning to Lenders

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Live Life Federal Credit Union, a $69 million-asset credit union based in Fraser, Michigan, recently consented to a cease-and-desist order issued by the National Credit Union Administration Board (NCUA). The enforcement...more

Nutter McClennen & Fish LLP

Bank Report: December 2019

FDIC and OCC Propose CRA Modernization Rule with Opt-Out for Small Banks The FDIC and the OCC have jointly proposed amendments to modernize the agencies’ Community Reinvestment Act (“CRA”) regulations, which are intended...more

Manatt, Phelps & Phillips, LLP

Credit Union News: Favorable NCUA Decision on Final Rule, Hemp Gets Go-Ahead

In a major win for credit unions, the D.C. Circuit has largely reversed a ruling that would have prevented credit unions from promulgating rules greatly expanding the field of membership, that is, the persons eligible to join...more

Seyfarth Shaw LLP

National Credit Union Administration Issues Statement About Serving Hemp Businesses

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Following last year’s passage of the 2018 Farm Bill, the National Credit Union Administration (NCUA) issued a regulatory update in August of 2019 to federally insured credit unions. Citing growth in hemp-related commerce,...more

Bradley Arant Boult Cummings LLP

National Credit Union Administration Encourages Banking Hemp Businesses — With Some Caveats

In December 2018, Congress gave the hemp industry a significant boost by passing the 2018 Farm Bill, which legalized the cultivation and sale of hemp (i.e., cannabis with a THC content of less than .3%). The 2018 Farm Bill...more

Carlton Fields

National Credit Union Administration Gives Credit Unions the Green Light to Serve Lawfully Operating Businesses

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On August 20, 2019, the National Credit Union Administration issued a regulatory alert to all federally insured credit unions providing "interim guidance" regarding the service of hemp businesses by credit unions. The alert,...more

Miller & Martin PLLC

National Credit Union Administration Permits Banking and Lending Services to Hemp Businesses

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On August 19, 2019, the National Credit Union Administration (“NCUA”) released Interim Guidance on Serving Hemp Businesses to federally insured credit unions on the developing federal law and regulation related to the hemp...more

Ballard Spahr LLP

Update: Recent Momentum in Efforts to Provide Cannabis Businesses Access to Financial Services

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We regularly blog about the conflict between state and federal law related to cannabis and the uncertainty regarding how federal criminal and Bank Secrecy Act (“BSA”) law will, or will not, be enforced against financial...more

McAfee & Taft

Massachusetts credit union takes plunge into banking marijuana-related businesses

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While the vast majority of U.S. banks and credit unions have opted not to offer banking services to marijuana-related businesses (MRBs) due to the significant legal and financial risks involved, one credit union in...more

Miller Starr Regalia

Do You Feel Lucky, Banker? The Shaky Prospects For Financial Transactions With Marijuana-Related Businesses

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Federal law prohibits the manufacture, possession, or use of marijuana for any purpose, including medical purposes. This prohibition notwithstanding, as of January of 2018, 29 states plus the District of Columbia have...more

Manatt, Phelps & Phillips, LLP

Credit Union for Marijuana Industry Sues NCUA, Fed for Master Account

Why it matters - One Colorado credit union is taking matters into its own hands after the Federal Reserve Bank of Kansas City (FRB-KC) and the National Credit Union Association (NCUA) rejected the institution's...more

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