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.
Lawyer trust account parity bill would enable credit unions to compete, expand services.
From being able to compete with banks to assuring business members that their funds are insured, there could be several long-term benefits for credit unions if a bill involving insurance coverage becomes law.
Access to supplemental capital and expanded investment options also in proposed legislation.
Excise tax measure would apply to any credit union holding commercial loans in excess of 10% of its assets.
Bankers pay for analysis from consultant Marvin Umholtz; NWCUA fires back.