Credit unions must understand their appetite for risk and take precautions serving state legal marijuana businesses.
New law says marijuana financial cooperatives can not call themselves credit unions.
Announcement comes as two credit unions begin offering services to marijuana businesses.
Despite a new state law in Colorado legalizing recreational use, credit unions still worry marijuana business accounts will run afoul of federal regulations.
While financial institutions wait for guidance from the DOJ, credit union leagues in Colorado and Washington caution against opening accounts for state-legal weed businesses.
Connect Financial Software Solutions said it has inked the $150 million Aventa Credit Union in Colorado Springs, Colo., to a multi-year agreement for online banking, mobile and account opening services.
Colorado credit union adds bill pay, enhance PFM and integrates functions for mobile bankers.
Colorado Springs institution also will deploy MoneyDesktop personal financial management tools.
Colorado credit union joins with solar energy outfit to offer loans for solar gardens.
The $67 million Horizons North Credit Union in Northglenn, Colo., is now offering its 8,100 members mobile banking.