ARLINGTON, Va.—NAFCU has released an updated version of its marijuana banking brief available online, which it said provides credit unions with comprehensive updates on regulatory landscape, Financial Crimes Enforcement Network (FinCEN) data and federal legislative efforts for marijuana laws.
While NAFCU said it has not and will not take a position on the legalization or decriminalization of marijuana, the association noted it has developed resources and will provide updates on the political and regulatory landscape surrounding marijuana banking to help credit unions better understand the current state of play in this area.
The Key Updates
Key updates included in the new brief:
- State laws: Currently, there are 36 states that have legalized medical marijuana and 17 plus Washington, D.C. that have legalized adult use of the drug. NAFCU said the new brief provides some background on the legalization movement, noting that it is still categorized as a Schedule I substance at the federal level.
- Regulatory: NAFCU’s brief details key changes in the shifting of leadership at various agencies and departments of the executive branch and adjustments in guidance. This has created a patchwork of considerations to weigh for credit unions that are determining whether to offer financial services to marijuana-related businesses (MRBs), NAFCU said.
- Federal legislation: An update on the SAFE Banking Act – which passed the House in April and is intended to allow legitimate cannabis-related businesses and service providers access to financial services in order to reduce the amount of cash at such businesses and increase public safety. It looks to protect depository institutions from adverse actions by regulators, including having their deposit or share insurance terminated or limited, but does not require depository institutions to provide financial services to MRBs, NAFCU stated.
- Final hemp rule: The United States Department of Agriculture recently published the final rule regulating the domestic hemp production program as required by the 2018 Farm Bill. This new brief dives into the final rule’s framework and how other agencies will produce or update existing guidance, NAFCU said.
- FinCEN data: From the most recent FinCEN’s Marijuana Banking Update data, NAFCU said the new brief provides insights into the trends on depository institutions providing banking services to MRBs.