Credit unions that serve the marijuana industry are not pressing the panic button yet in reaction to U.S. Attorney General Jeff Sessions decision to reverse former President Barack Obama's policy that shielded legalized pot businesses from federal prosecution.

While credit union executives, who have a lot of money riding on Sessions' decision, are saying publicly that they are waiting to hear more from federal agencies before responding, at least one CEO, who wrote the book on pot banking, may be already considering an exit strategy that would shut down the credit union's lucrative marijuana business.

In a 2017 interview, Sundie Seefried, president/CEO of the $352 million Partner Colorado Credit Union in Arvada, Colo., and its division, Safe Harbor Private Banking, which processes $70 million a month for marijuana business clients,  expressed great concern about what would happen under the Trump administration and whether banks and financial institutions are in "harm's way" by continuing to bank the marijuana industry where it has been legalized in 29 states either for recreational or medicinal uses.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.