SALEM, Ore.—The $612-million MAPS CU here is providing services to marijuana businesses in the state.
MAPS CU told Jefferson Public Radio that to date it has opened more than 100 such accounts. “Really, for us, it’s about community safety and about serving our community," Shane Saunders, with MAPS Credit Union, told Jefferson Public Radio.
He said account-holders are extensively vetted, including a visit to their business, to make sure they’re not doing anything illegal.
Because of that extra work, fees for the accounts are relatively high. Rachel Pross the VP of risk at the credit union, told Jefferson Public Radio that if federal agencies crack down on marijuana, the CU will stop immediately.
Despite the demand in states where marijuana has been legalized in various forms, the primary reason most credit unions and other financial institutions continue to avoid doing business with the industry remains the illegality of marijuana under federal law.
In the event of such a crackdown, “We would issue the funds back to anyone who has deposited to us that is a marijuana related business,” she told the publication.