Marijuana banking

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.

Readers react to House lawmakers attempting to overhaul the credit bureaus, express sarcasm to the Senate Banking Committee eyeing cannabis banking, criticize Sen. Elizabeth Warren's plans to overhaul Wall Street and more.

Only one CU in West Virginia wants to enter the pot banking space, but they're going against the grain not just of the state's credit union league but an industry where fewer than 1% of institutions are serving that market.

The fast-growing data company, which says its mission is to help banks be better consumer advocates, will use its cash infusion for hiring, software development and new partnerships.

The House passed a spending bill amendment aimed at providing further clarity to banks looking to provide services to cannabis businesses.

Credit union executives discussed serving the legal marijuana and hemp businesses during NAFCU's annual conference in New Orleans, including vastly different motivations for serving the industry.

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With campaigning for the 2020 presidential election already underway, it could become increasingly difficult for the industry to move meaningful legislation through Congress.

Recent legislation zeros in on letting financial institutions serve cannabis businesses in states where the substance is legal, but banks may stay on the sidelines if the federal ban on pot remains in place.

Nominated for a full term at the central bank, Michelle Bowman told senators that bankers should not fear repercussions for servicing hemp growers after the crop was legalized.