CBx Daily Digest

Credit Unions Get New Guidance On Working With Hemp Businesses

A letter issued this week points out that hemp-related businesses have also been affected by the COVID-19 pandemic and that it is “important that credit unions stay current with the federal, state and Native American tribal laws and regulations that apply to any hemp-related businesses they serve.”

Officials from the National Credit Union Administration have outlined additional information on serving legal hemp businesses.

A letter issued this week points out that hemp-related businesses have also been affected by the COVID-19 pandemic and that it is “important that credit unions stay current with the federal, state and Native American tribal laws and regulations that apply to any hemp-related businesses they serve.”

Federal credit union officials remind leaders that the 2018 Farm Bill removed hemp from the Controlled Substances Act and directed the U.S. Department of Agriculture to establish a national regulatory framework for hemp production in the U.S. The NCUA sent a similar statement to its membership last August.

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