Any day now, executives at nearly 100 credit unions may beforced to decide whether to shut down their lucrative cannabisbusiness.

That executive decision will hinge on one man, Ken Blanco, thenew FinCEN director, who has the authority to rescind his agency'sguidance that executives rely on to continue serving cannabiscompanies and reduce the risks of criminal liability. SigalMandelker, the U.S. Treasury's deputy secretary said during aSenate hearing Jan. 17 that the federal agency is reviewing theguidance in light of the Cole Memo's rescission earlier this month,but she didn't say when a decision on the FinCEN guidance would beannounced.

“Because the related guidance from FinCEN requires banks toreport by the filing of SARs, the fact that they are providingbanking services to marijuana businesses operating lawfully underlocal state laws, the rescission of the Cole Memorandum may meanthat the required SARs filing are tantamount to admissions ofcriminal behavior by a bank and its personnel,” explained JosephLynyak, a Washington-based partner of the Dorsey & Whitney lawfirm, an expert on regulatory reform and an advisor to financialinstitutions serving the marijuana industry.