Credit unions should stay current with hemp-related servicing laws, NCUA advises


A new letter to credit unions provides information related to serving hemp-related businesses, which the NCUA notes, has also been affected by the COVID-19 pandemic.

The letter states that lawful hemp businesses “provide exciting new opportunities for rural communities, and credit unions should carefully consider whether they can safely and properly serve lawfully operating hemp-related businesses within their fields of membership.”

The letter provides a list of frequently asked questions regarding providing services to hemp-related business and states 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.”

In the letter, the NCUA encourages credit unions that are serving, or considering serving, hemp-related businesses to review all available information related to this “evolving industry.”

Additional information about servicing hemp-related business can be found on the USDA website. The full letter to credit unions can be accessed on the NCUA website.

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