NCUA Chairman Debbie Matz was among the recipients of a letter from four senators seeking guidance for financial institutions looking to serve marijuana-related businesses.
Senators Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Michael Bennet (D-Colo.) and Ron Wyden (D-Ore.) penned a letter asking the heads of federal financial regulators to collaborate with FinCEN to provide guidance to financial institutions looking to provide financial services to MRBs.
The letter cited the difficulty that MRBs experience in accessing financial services and how they subsequently become cash-only operations.
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"Operating on an all-cash basis for these businesses makes it difficult for them to function, as well as for states to collect tax revenue," the letter said. "Forcing them to operate in all cash also creates a serious public safety risk for the businesses and the neighboring community."
Without joint guidance from their prudential regulators providing direction on how to operate, banks and credit unions will continue to lack the certainty they need to operate in this market, the senators wrote.
Merkley has served as a voice for states that have allowed for the medical and personal use of marijuana. He introduced an amendment in March that would provide safe harbor for depository institutions seeking to provide financial services to marijuana-related businesses.
Other recipients of the letter included Federal Reserve Chair Janet Yellen, FDIC Chairman Martin Gruenberg, Treasury Secretary Jack Lew, Office of the Comptroller of the Currency Comptroller Thomas Curry and FinCEN Director Jennifer Shasky Calvery.
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