During the National Conference of State Legislatures, Oregon delegation members led a national resolution urging Congress to let states decide their own legal framework for cannabis banking, an issue front and center for Northwest credit union advocates.
Governor Kate Brown signed HB 4094 into law on March 29. NWCUA lauded the news as an “important first step” for credit unions looking to provide financial services to legal marijuana businesses.
Oregon Senators Merkley and Wyden and Representative Blumenauer held a news conference at Rivermark Community Credit Union to call attention to the near impossibility credit unions face banking legal marijuana business. They scored the attention of all major Portland media outlets.
Oregon Senators Jeff Merkley and Ron Wyden, along with Congressman Earl Blumenauer, are jointly calling on Congress to pass legislation ensuring legal marijuana businesses can access banking services.
The new bylaws, created by work group of credit union leaders, includes updates to cover evolving governance practices.
More than 100 financial institutions are serving legal marijuana businesses, according to FinCEN. The agency’s director says the guidance FinCEN issued to banks and credit unions in February is working.
Washington’s first legal pot shops are opening their doors this week. Customers are lining up, but financial institutions are not.
Legal Briefs for December 26, 2013
If you thought that the Northwest Credit Union Association’s annual Amplify Convention was a chance for credit unions to take a break from thinking about regulations, well, think again. Three educational breakout sessions and a keynote address by NCUA Chair Debbie Matz drew standing-room-only crowds at the three-day gathering in Portland.