The Credit Union League of Connecticut has partnered with regtech firm Green Check Verified to provide compliance technology to credit unions offering cannabis-related banking services.
According to a press release, the league teamed up with New Haven, Conn.-based Green Check Verfied, which provides marijuana dispensaries with tools to access local banking services; it also provides financial institutions with due diligence, transaction monitoring, automated FinCeN reporting and other tools.
"We are pleased to be partnering with the League around the deployment of our new platform," Green Check Verified CEO Kevin Hart explained. "This partnership will expand our mission to bridge the gap between cannabis businesses and local financial institutions, while providing critical support to Connecticut's credit unions."
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"Credit unions are looking for the right tools to provide much needed services to this industry," added Christopher Whalen, who is VP of marketing for the Credit Union League of Connecticut.
The partnership is part of a growing movement in the credit union industry toward serving cannabis businesses.
In September, for example, Gardner-Mass.-based GFA Federal Credit Union announced it would become the first credit union in Massachusetts and New Hampshire to offer financial services to medical and recreational marijuana companies. The credit union, which has $505 million in assets and about 28,600 members, said it will serve cannabis businesses through a Colorado-based CUSO named Safe Harbor Services.
In addition, earlier this month, Anchorage, Alaska-based Credit Union 1, which has $1 billion in assets and about 84,000 members, launched a pilot program to provide financial services to marijuana businesses.
The Credit Union League of Connecticut's partnership with regtech firm Green Check Verified also reflects a growing demand for cannibis-related compliance — a rapidly evolving topic in which regulatory issues will continue to challenge credit unions and other financial institutions. Last spring, the Maine Credit Union League, the Mountain West Credit Union Association and the Cooperative Credit Union Association announced their support for a bill that would remove the threat of federal prosecution in states that have legalized recreational and medical marijuana use.
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