ARLINGTON, Va.–NAFCU is reporting it is putting more emphasis on working with Congress to clarify rules around banking hemp businesses, in addition to ongoing efforts by credit unions to have the federal government change its rules/laws around banking marijuana businesses, especially in states where voters have approved legalization, many CUs are now confronting similar challenges around banking hemp-related businesses.
As CUToday.info reported here, hemp is legal—until it’s not—and can be just as complicated as serving marijuana-related businesses.
“There are a lot of different issues involved,” acknowledged NAFCU’s EVP/General Counsel Carrie Hunt. “There is the disparity in federal and state laws that at a minimum needs to be addressed,” said Hunt, prior to NCUA issuing guidance on banking hemp businesses.
Data Privacy Vs. Data Security
Separately, with NAFCU’s Congressional Caucus approaching in September, one issue on which the trade group and its credit unions will be giving new focus as they meet with Congress is data privacy, according to Hunt.
“Clearly, data security and a national standard are important,” said Hunt. “We’re really starting to see states emerge with a patchwork of laws with how you keep information secure and what can be shared. If states are going to do that need we need to have a national standard, otherwise credit unions are going to have to comply with a patchwork of laws across various states and that opens them to litigation.”
Hunt added it will also be providing additional data and talking points to attendees of Congressional Caucus around the general benefits of credit unions.
“With the constant attacks by bankers we just want to make sure all the new members of Congress understand the value of credit unions,” said Hunt.
- Hunt noted NAFCU’s members are pleased to hear of FASB’s plan to delay CECL compliance for credit unions, as CUToday.info reported here.