Federal Amendment Offers CU Cannabis Protection in States Where Legal Posted by Association of Vermont Credit Unions on 11:19 AM

This week CUNA issued support for an amendment to the FIRST STEP Act (S. 756). The amendment would clarify the federal treatment of marijuana in states where it is legal. The text of the CUNA-backed Strengthening the Tenth Amendment Through Entrusting States (STATES) Act of 2018 (S. 3032) was added to S. 756, which is currently pending on the Senate floor.

Ultimate passage of the amendment and bill would permit credit unions, in states where marijuana business is legal, to safely serve their members’ related financial needs.  The legislation would provide credit unions and other financial institutions accepting deposits from, extending credit or providing payment services to an individual or business engaged in marijuana-related commerce in states where such activity is legal with appropriate legal protections, so long as they are compliant with all other applicable laws and regulations.  Compliant financial transactions would not constitute trafficking or result in proceeds of an unlawful transaction,

Read CUNA's letter to Congress in support of the amendment, and the news article.