Marijuana banking

Officials said Thursday that they will not take regulatory action against state-chartered banks and credit unions solely for serving licensed cannabis businesses.

Democrats’ investigation of President Trump has darkened the horizon for legislative activity in Washington, but prospects for a pair of bipartisan measures backed by the industry are surprisingly bright.

The legislation included changes designed to attract more Republican support, which is key to the measure ultimately becoming law.

The industry is waiting to see if banks will get the same no-cost land leases on military bases that credit unions currently enjoy.

Building capital will help the mortgage agencies move toward the private sector; Virtual Wellness needs to assure banks it's safe to do business with them.

Protections for industrial hemp were added to a cannabis banking bill that is expected to get a full House vote next week.

The company will offer deposit-related services to firms with permits for hemp and CBD.

The Banking Committee chairman's comments have advanced legislative efforts, but questions remain about where he'll take the issue.

From marijuana to member business lending, a look at policymakers and others' perspectives on key issues affecting the industry.

As credit union leaders converge on Washington, here's a look at some of the biggest legislative and regulatory issues facing the industry – and what it might take to move the needle.

The NCUA said credit unions can now serve hemp businesses but uncertainty remains around important issues like due diligence.

Citing insurance concerns, Anchorage-based Credit Union 1 shut down its marijuana-banking pilot program after less than one year. The move reflects lingering hesitation around banking the industry.

The $35 million-asset credit union was one of just five entities bidding to serve the Mountain State’s medical cannabis program.

When lawmakers return from their August recess, a host of unresolved financial policy issues — from marijuana banking to anti-money-laundering rule — will greet them.

Nonbank lenders Monroe Capital and MGG Investment Group have made a combined $115 million of loans to firms that make cannabidoil and supply products to the cannabis and hemp industries.

Sen. Mitch McConnell had contacted the National Credit Union Administration about the troubles Kentucky hemp farmers had in accessing capital.

The 2020 election is shaping up to be a key yardstick for legislation expanding cannabis firms’ financial services access.

A fintech called NCS Analytics wants to analyze power-use data at cannabis businesses for banks that finance them. It says the information can help expose illegitimate activity.

Rachel Pross, chief risk officer at Maps Credit Union, told the Senate Banking Committee the inability for more banks and CUs to safely serve the legal pot industry is having an effect on ancillary businesses.

Lawmakers will hear from a credit union executive on cannabis banking while also considering issues such as the use of alternative data in underwriting.