On December 17th CUNA backed an amendment for the “STATES” Act S. 3032 to be added to the criminal justice reform bill, the First Step Act (S. 756) to provide credit unions and other financial institutions greater guidance in accepting deposits, extending credit or providing payment services to individuals or businesses engaged in marijuana-related commerce in states where the activity is legal to do so – clearing up the conflict and ambiguity for financial institutions that fall under federal insurance, federal regulation, and federal oversight regardless of what the state allows. While this bill passed without this helpful amendment, the need for some solution on a federal level for financial institutions remains.
While you may not think this would matter to Georgia credit unions, the state Legislature has been studying the concept of expanding the laws surrounding medical marijuana – and in particular, cultivation of hemp, which became more of a reality for the farming industry with the approval of the 2018 Farm Bill this month. And on December 21st, the Low THC Oil Study Committee concluded its review of the issue, with legislation likely pending in the next month. GCUA continues to engage on this issue to ensure that if something does move forward, credit unions are poised to help – and a big factor is whether the federal government eases its restrictions. A bill such as the STATES Act would be a much-needed clarification for all financial institutions!
