Cannabis, Hemp, and CBD Banking

As legalized cannabis continues to evolve in Utah, along with the monetary system that will have to accompany it, this page will feature resources to help your credit union stay informed on the topic.

Resources for hemp and CBD banking

Below are resources (presentations and documents) for Utah Credit unions that bank or that are interested in banking business involved in hemp or hemp related products.

Documents Description
Hemp/CBD Banking Presentation PowerPoint presentation from the July 9, 2019 roundtable
UCUA Hemp/CBD Banking roundtable recording Recording of the July 9, 2019 presentation regarding banking hemp/cbd
AUFCU Hemp/Cannabis Checklist A credit union’s action plan for creating a hemp/cbd banking program

Link Description
Utah Department of Agriculture and Food Cannabis Programs Contains links to required registration for Utah-based growers and processors and hemp products sold in Utah.  Also liinks to current registrations
USDA USDA Information regarding the 2018 Farm Bill
Hemp Legalization An easy to follow article regarding the 2018 Farm Bill, what it did and what it did not do
National Conference of State Legislatures Link to State Industrial Hemp Statutes
FIN-2014-G001 FinCEN guidance regarding banking marijuana related businesses

February 1, 2019 Round table resources

Many thanks to Rachel Pross, from Maps Credit Union in Oregon. On February 1 she came to the Utah Credit Union Association office to talk about the cannabis banking program her credit union runs. 

  • Cannabis banking: boots on the ground perspective, presented by Rachel Pross: .pptx | .pdf
  • Cole memo (referred to at the round table several times)
  • FinCen Guidance
  • NCUA Letter
  • Round table video (below): note that we realize the audio isn’t super awesome, but it should be entirely adequate.