Humulus lupulus, or hops, an essential ingredient in brewing beer, is a close cousin to Cannabis sativa, or marijuana, long used both legally and illegally for medicinal and recreational purposes.
Times have changed for the $195M O Bee Credit Union of Olympia, Wash., originally chartered to serve brewery employees.
Credit union groups paranoid DOJ could change its mind and reverse guidance that allows accounts for state-legal marijuana businesses.
Despite guidance from FInCEN and the DOJ, legal hurdles remain for state-legal marijuana business accounts.
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.
One of the more than 30 credit unions that have converted to or merged with mutual banks became the 209th bank to fail since 2000 and the 22nd to fail this year