WASHINGTON – At previous Governmental Affairs Conferences, banking legal marijuana businesses was still too taboo of a topic for credit unions to discuss in a formal meeting.
But this year, something changed. On Sunday night, representatives from about 40 credit unions considering entering the marijuana banking space gathered at the Grand Hyatt to discuss the future of partnering with legal pot businesses. And despite recent threats from the Trump administration to crack down on recreational marijuana providers, attendees indicated that future is looking bright.
Former NCUA Board Chairman and current Bacino & Associates Partner Geoff Bacino organized the reception, which featured a short presentation by Partner Colorado Credit Union President/CEO Sundie Seefried. Seefried, whose Arcada, Colo., credit union has been serving marijuana businesses for two years, shared four reasons why she got into it. First, it helped take billions of dollars in cash off the streets in Colorado, improving community safety; second, it lined up with Partner Colorado's mission to serve underserved markets; third, it was a strategic move that allowed the credit union to stay relevant; and fourth, it made a major impact on the institution's bottom line.
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