As Colorado’s credit union solution remains tied up in federal court, with The Fourth Corner Credit Union suing the Federal Reserve Bank, it’s encouraging to see how two credit unions in Washington are able to bank the cannabis industry. Credit Union Times reports:
Most financial institutions are wary about serving the marijuana industry because it could potentially create the compliance nightmare from hell, coupled with the possibility of federal crackdowns.
Despite initial serious doubts, Obee CU learned how to manage serving its marijuana business clients, even with all of the added layers of regulatory costs and scrutiny.
The $1.5 billion Numerica Credit Union in Spokane Valley, Wash. decided to serve the pot industry to allow marijuana entrepreneurs to deposit their business revenues and help keep their communities safe at the same time.
Read Peter Strozniak’s “Credit Unions Adapt to Pot Regulations”: http://www.cutimes.com/2015/11/11/credit-unions-adapt-to-pot-regulations