SALEM, Ore–Oregon Gov. Kate Brown signed has signed HB 4094 into law, which the Northwest Credit Union Association called an "important first step" for credit unions looking to provide financial services to legal marijuana businesses.
While federal laws still classify marijuana as a Schedule 1 drug, making compliance difficult for credit unions trying to serve the legal cannabis industry, noted the NWCUA, champions of Oregon House Bill 4094 say the legislation could help the state’s credit unions service those businesses, because it exempts them from certain Oregon criminal laws.
“The bill is an important step for Oregon credit unions, providing some protections for those who serve the legal cannabis industry. However federal restrictions are still in place, so we maintain our policy interest in reconciling those conflicts,” said John Trull, AVP of regulatory advocacy for the NWCUA, in remarks first reported by the association on its website. “To ensure public safety these businesses need access to traditional financial services.”