Marijuana Moment stories………While the federal company provided guidance on the topic last year after the crop was legalized below the 2018 Farm Bill, it stated the brand new doc’s “purpose is to provide additional information for credit unions that are serving, or considering serving, legal hemp-related businesses, as they, too, have been affected by the COVID-19 pandemic.”
“Lawful hemp businesses provide exciting new opportunities for rural communities, and credit unions should carefully consider whether they can safely and properly serve lawfully operating hemp-related businesses within their fields of membership,” NCUA Chairman Rodney E. Hood wrote.
“It is important that credit unions stay current with the federal, state and Native American tribal laws and regulations that apply to any hemp-related businesses they serve,” he stated, noting that the letter doesn’t search to supply a proper interpretation of U.S. Department of Agriculture (USDA) guidelines for the crop.
Instead, the company listed 17 questions and solutions about banking hemp companies that credit score unions are prone to have. That consists of details about the standing of the USDA’s interim remaining rule, compliance for hemp manufacturing, NCUA guidelines for serving the trade and extra.
The company stated its “examiners will be collecting data through the examination process concerning the types of services credit unions are providing to hemp-related businesses” in an effort to “help the agency better understand how it can assist credit unions serving hemp-related businesses.”
“The NCUA encourages credit unions that are serving, or considering serving, hemp-related businesses to review all available information related to this evolving industry,” the memo concludes. “As more information becomes available, the NCUA will continue to provide additional guidance.”