The risks and rewards of cannabis banking
CUNA News Podcast
English - April 11, 2019 16:30 - 14 minutes - 10.2 MB - ★★★★★ - 22 ratingsBusiness News Business News credit unions cooperatives financial services Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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When Washington state legalized the use of marijuana in 2014, O Bee Credit Union in Tumwater, Wash., initially decided not to serve marijuana-related businesses.
But when members started asking for cannabis banking services, O Bee changed course and introduced deposit accounts, debit cards, and some other services for these organizations. The credit union’s rationale: We serve the member, not the business.
In this episode of the CUNA News Podcast, recorded at the 2019 CUNA Governmental Affairs Conference, Collins explains the risks and challenges involved with cannabis banking, some of the operational pain points, and a few surprises that arose along the way.