WASHINGTON—NAFCU is reiterating its support for greater clarity and legal certainty at the federal level for credit unions that service marijuana-related businesses (MRBs) in states where the drug has been legalized.
In a letter to Senate leaders, NAFCU Vice President of Legislative Affairs Brad Thaler outlined the trade association’s support of such an approach ahead of a Senate Banking Committee hearing on the issue. The letter was sent ahead of the hearing at which credit union exec Rachel Pross was among the witnesses. Coverage of Pross’ comments can be found here.
While NAFCU said it has not taken a position on the legalization or decriminalization of marijuana, it has encouraged Congress to consider legislative complexities and previously noted the benefits of a strong safe harbor for financial institutions that wish to serve MRBs.
Currently, serving marijuana-related businesses pose significant compliance risks for credit unions. NAFCU has available a new issue brief on marijuana banking, which outlines the current status of three bills that have been introduced in Congress and more. The association also has a pros and cons document to help credit unions understand these risks in greater detail.