Examiners and impossible due diligence requirements blamed for closure of state-legal marijuana business accounts.
Announcement comes as two credit unions begin offering services to marijuana businesses.
Two credit unions develop legal marijuana business accounts, but with significant restrictions.
LAKE BUENA VISTA, Fla. — In 2010, nine credit unions began talking about how to launch a CUSO that could help them all lower compliance costs.
Like many of its peers, iQ Credit Union had grown overwhelmed in keeping up with the rapid pace and myriad regulatory changes.
Northwest CU Collaboration is scheduled to be operational in the third quarter of 2012.
There’s a new leader at Northwest Community Credit Union. John Iglesias has been named president/CEO of the $700 million Springfield, Ore.-based credit union.