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Any day now, executives at nearly 100 credit unions may be forced to decide whether to shut down their lucrative cannabis business.

That executive decision will hinge on one man, Ken Blanco, the new FinCEN director, who has the authority to rescind his agency’s guidance that executives rely on to continue serving cannabis companies and reduce the risks of criminal liability. Sigal Mandelker, the U.S. Treasury’s deputy secretary said during a Senate hearing Jan. 17 that the federal agency is reviewing the guidance in light of the Cole Memo’s rescission earlier this month, but she didn’t say when a decision on the FinCEN guidance would be announced.

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Peter Strozniak


Credit Union Times

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