ALBUQUERQUE, N.M.– US Eagle FCU has become the first financial institution in the country to become certified for outstanding U.S. monetary banking protocols in banking cannabis and hemp operations.
New Mexico Attorney General Hector Balderas made the announcement of the certification through the Policy Center for Public Health & Safety (PH&S), which was done as part of collaboration with state attorneys general and is part of a broader certification effort being implemented by ASTM international and PH&S.
"The marijuana industry will soon be exploding in New Mexico, and it is important to have banking safeguards to mitigate illicit and criminal conduct,” said Balderas. “This is an important first step in partnering with legally compliant businesses in the marketplace.”
The certification brings banking and financial transparency to ensure the safety of the monetary system for institutions banking hemp and cannabis, the attorney general office said.
‘Unbanked and Underserved’
"Credit unions were chartered to serve the unbanked and underserved population,” said US Eagle President/CEO Marsha Majors. “The cannabis industry has been unbanked and underserved for years, often resulting in adverse impacts on public safety in communities where cannabis is legal.”
Added Karen White, Executive Director, Attorneys General Alliance, "Fundamental to marketplace validation, is knowing which financial institutions are following procedures and protocols that are compliant with state and federal law. And, for the Industry to 'bank' and receive financial services and take institutional investment -- financial institutions and their insurers are looking for guidance.”