NCUA determines interim guidance on serving hemp businesses
Late yesterday, the NCUA released interim guidance on an agricultural matter unrelated to the controversial cannibis banking issue. NCUA Chairman Rodney E. Hood announced federally insured credit unions may provide certain financial services to legally operating hemp businesses under the new guidelines.
The guidance will be revised and updated once the United States Department of Agriculture finalizes regulations and guidelines. Credit unions will be able to provide the customary range of financial services for business accounts, including loans, to hemp businesses within their fields of membership.
“Lawful hemp businesses provide exciting new opportunities for rural communities,” said Hood. “I believe today’s interim guidance keeps with the mission of the nation’s cooperative credit system to serve people who have been overlooked and underserved. Many credit unions have a long and successful history of providing services to the agriculture sector. My expectation is that credit unions will thoughtfully consider whether they are able to safely and properly serve lawfully operating hemp-related businesses within their fields of membership.”