Marijuana banking

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.

From data privacy to robocalling, industry leaders chime in on the biggest regulatory and congressional issues at stake for the remainder of the year.

It's a multibillion-dollar industry in a state of payments-regulation limbo and as a result, the U.S. cannabis business has mainly operated on a cash basis.