Credit unions step in where state, federal law discourage canna-businesses

Financial institutions should be permitted to lawfully serve businesses that engage in cannabis-based businesses authorized under their state laws, even when such activity may be inconsistent with federal law, said CUNA in a letter to Senate leadership Friday.

“CUNA takes no position on legalizing or decriminalizing medicinal or recreational cannabis at either the state or federal level. However, credit unions operating in states where it is legal have members and member businesses involved in the cannabis market who need access to traditional depository and lending services, the absence of which creates a significant public safety issue,” the letter reads.

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