The CEO of a credit union that is one of the few institutions in the country that serves the marijuana industry–and which has recently seen a surge in daily cash deposits to more than $3.5 million–shared some lessons learned and other thoughts with credit unions and state regulators here.
Sundie Seefried, CEO of Partner Colorado Credit Union, which offers Safe Harbor Private Banking to Colorado’s pot industry, walked attendees at the NASCUS Summit here through her experiences and the lessons that have been learned in the three years the CU has been a safe harbor for Colorado’s cannabis industry.
“There are about 12 of us who serve this business, and there isn’t any of us that doesn’t have a healthy fear in doing this,” she said. “But every one of us is also focused on taking cash off the street and doing it right and being 100% in compliance.”
The compliance piece, no matter how diligent, is the real challenge, Seefried said, observing that 100 credit unions can pick up the FinCEN guidelines and arrive at 100 different interpretations.
For more information on the challenges banks face when serving MRBs checkout the Cannabis Banking Working Group organized by California State Treasurer John Chiang.
To solve this problem, State Treasurer John Chiang has convened the Cannabis Banking Working Group (CBWG). The working group, made up of representatives from law enforcement, regulators, banks, taxing authorities, local government and the cannabis industry, is charged with finding practical and timely ways to address the state-federal conflict.