In what appears to be the first penalty levied against a financial institution banking commercial cannabis businesses, Live Life Federal Credit Union has entered into an administrative order with the National Credit Union Administration (NCUA) for failures related to its cannabis banking program. As Live Life Federal Credit Union emerges from this administrative order, and more lessons are learned, cannabis bankers will be more empowered to make the appropriate risk-based decisions when it comes to managing their MRB portfolios.
Pam Maucher, CCCE, CAMS
Risk and compliance professionals know that operating a highly regulated business is difficult. But in the cannabis industry it is exceedingly difficult because of jurisdictional variances and rapidly changing regulations.