Number of Credit Unions Serving Marijuana Businesses Remains Steady
The number of credit unions serving marijuana-related businesses has remained consistent across 2022, according to recently released FinCEN data.
New FinCEN data reveals how many credit unions have served cannabis-related businesses so far this year.
As Congress continues to struggle with marijuana banking legislation, the number of credit unions serving marijuana-related businesses has remained consistent, according to data recently released by the Financial Crimes Enforcement Network (FinCEN).
FinCEN reported that:
–During the third quarter of FY22, 166 credit unions and 489 banks provided financial services to marijuana-related businesses;
–Across the second quarter of FY22, 163 credit unions and 496 banks provided services to those businesses;
–During the first quarter of FY22, 170 credit unions and 498 banks served marijuana-related businesses.
Those figures were released as the 117th Congress continues to consider whether to provide a regulatory safe harbor for credit unions and banks that serve cannabis-related businesses.
The House has passed that legislation as well as included it in its version of the annual defense authorization legislation. However, the Senate has yet to consider either the stand-alone bill or its own version of the defense measures.
Additional Analysis Requested
In the House, the two Democratic co-chairs of the Congressional Cannabis Caucus, also are asking the network for a financial analysis and demographic breakdown of cannabis businesses that received banking services in 2021.
“Existing disparities in access to capital and financial services for individuals and businesses increase financial barriers and exacerbate the racial wealth gap, further harming those most harmed by the failed War on Drugs,” wrote Reps. Barbara Lee, D-Calif., and Earl Blumenauer, D-Ore., in a letter to FinCEN officials.
They added, “Given the increasing momentum of cannabis legalization and much-needed clarity from the federal government, Congress must devise a federal solution to equitably end the cannabis prohibition and encourage industry growth.”
The lawmakers said further that FinCEN data could provide a baseline in developing cannabis equity programs.