REGULATING AGENCY: Department of Regulatory Agencies; Division of Financial Services
- Patty Salazar, Executive Director, DORA
- Mark Valente, Commissioner of Financial Services
- Website: financialservices.colorado.gov
- Press Releases
LEAGUE: Mountain West Credit Union Association
STATS: (As of Dec 2020)
- TOTAL # SCUs: 37
- TOTAL # FCUs: 41
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 47% of 78 CO CUs
- TOTAL $ SCU ASSETS: $27,699,419,460
- TOTAL $ FCU ASSETS: $5,272,867,446
- TOTAL ASSETS: $32,972,286,906
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 84%
FUN FACT: There are nearly 20 rivers whose headwaters begin in Colorado, with the Continental Divide directing each river’s course.
March 1, 2021 — In a unique and first-of-its-kind collaboration, the Mountain West Credit Union Association (MWCUA) and the Northwest Credit Union Association (NWCUA) partnered today to present a virtual panel discussion on the topic of cannabis banking. The Associations brought together Representative Ed Perlmutter (D-CO 7th District), Representative Earl Blumenauer (D-OR 3rd District) and Christopher Arneson, Senior Policy Advisor for Senator Ron Wyden (D-OR), to discuss the unique challenges financial services providers face serving this industry, what legislation is in the pipeline, and how credit unions are involved in the process.
“Typically, this is the week in our industry when the credit union presence on the Hill in Washington is strong,” said Scott Earl, President & CEO of MWCUA. “Because we are having our annual advocacy events virtually, we had an opportunity to work with the Northwest Association to address a topic that is growing across the country. This gave us a forum to bring together the legislative champions on this issue to meet with credit unions across both of our regions. We have a chance to work together to help address a serious need.”
Providing financial services – even to legal cannabis businesses – is challenging. Federal law still considers marijuana to be a narcotic, creating compliance risks for financial institutions that serve the legal businesses in their states.
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