Two financial regulators—the National Credit Union Administration and the Federal Deposit Insurance Corporation—are taking differing positions on whether institutions under their supervision are safe to provide services to marijuana-related companies.
As Congress decides whether to include marijuana banking provisions in the next coronavirus relief measure, advocates are raising a new issue: Cash is dirty and can spread the coronavirus.
The $3 trillion pandemic relief bill unveiled by House Democrats on Tuesday will help the nation recover from the coronavirus crisis, but it fails to give credit unions important tools they need to help in the effort, trade group lobbyists said Wednesday.
House Recovery Bill Ignores NCUA Requests for Member Business Lending Boost, Capital Requirements Decrease
The coronavirus relief bill unveiled by House Democrats Tuesday would not increase the credit union Member Business Loan cap or decrease capital standards—two major priorities of the NCUA and credit union trade groups.
The $3 trillion, 1,800-page bill includes about $1 trillion in aid to states and local government, as well as extended unemployment benefits and additional stimulus payments to taxpayers. It also would provide a safe harbor for financial institutions providing services to marijuana-related business.
Four credit unions have joined marijuana advocates who are pushing Congress to make marijuana firms eligible for Small Business Administration coronavirus crisis loans.