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NASCUS to Host Cannabis Banking Symposium

Posted: May 26, 2022 | Author: TCUD
cannabis banking  NASCUS  TCUD 

As national and state regulations regarding hemp and marijuana production, processing, and sales evolve, it is important that credit unions ensure their ability to identify and appropriately monitor cannabis-related accounts, and understand their legal responsibilities. While marijuana remains highly controlled in Texas under state and federal law, agricultural hemp production and processing is on the rise. Without a clear understanding of the definitions of those terms and the regulations that define them, your institution could risk not identifying a cannabis-related account, failing to meet your legal responsibilities and therefore violating state and/or federal regulations.   

The National Association of State Credit Union Supervisors (NASCUS) hosts an annual summit to bring credit union industry members, regulators, and other interested parties together from around the country to discuss these types of accounts, the risks of handling those members, and how to mitigate regardless of what state law your institution operates under.   

For more information on the June 14-15 NASCUS Cannabis Banking Symposium with special guest NCUA Board Member Rodney E. Hood, follow this link.

 

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