CCUL Headlines: Risk & Compliance

Financial services and the cannabis industry a hot topic on Ballard Spahr podcast

Thursday, May 16, 2019   (0 Comments)
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There have been many recent developments dealing with the provision of financial services to the cannabis industry, and navigating this rapidly changing environment can get overwhelming without some guidance.

In Ballard Spahr’s latest Consumer Financial Monitor Podcast episode, moderator Alan Kaplinsky walks listeners through changes related to state approaches to banking services, the status of hemp legalization, the interplay between federal and state cannabis law, FinCEN guidance on Bank Secrecy Act expectations, the status of federal regulatory and enforcement activity, and the status and prospects of proposed federal legislation.

“As of 2019, about 29 states have legalized medical marijuana and roughly nine are allowing recreational marijuana — the market place is changing,” said Trichina Pierce, risk management manager/associate counsel for the Carolinas Credit Union League. “However, there still remains complications for credit unions handling marijuana-related businesses whether that’s law offices, accountants, shipping companies, etc. As changes are in the works, this podcast is a great starting point as credit unions and compliance officers think strategically on the shifting market place demands.”

For additional insight on this subject, please see the resources links below.


Resource Links

Ballard Spahr: Financial Services and the Cannabis Industry: A Podcast

Department of Justice: Memo on Marijuana Enforcement

FinCEN: BSA Expectations Regarding Marijuana-Related Businesses

NCUA: Letter to Scott Jarvis Regarding Marijuana Banking

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