Colorado Story Archive

Colorado commends interim cannabis banking guidance issued from National Credit Union Administration

Aug. 22, 2019 — The Division of Financial Services at the Colorado Department of Regulatory Agencies (DORA) commends the National Credit Union Administration (NCUA) for issuing Regulatory Alert 19-RA-02 to federally insured credit unions regarding changes in federal law and regulation related to industrial hemp.

The interim guidance issued on August 19, 2019 provides clarity for federally insured credit unions including a summary of the legal status of hemp and considerations for credit unions serving hemp-related businesses.

“Colorado has been on the forefront of innovation regarding industrial hemp, and we are committed to supporting this industry,” said Governor Jared Polis. “I commend Chairman Hood and the National Credit Union Administration for providing guidance to our credit unions so they may provide access to essential financial services to our farmers and other business entrepreneurs involved in this exciting emerging industry.”

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MWCUA, NWCUA Partner to Present Cannabis Banking Legislative Panel

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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Data breach bill introduced
June 13, 2018 — A recent Colorado data breach bill, H.B. 1128 will require businesses, including credit unions, to notify consumers in 30 days if their personal information has been compromised. When the legislation becomes effective, Colorado will have the shortest notification period without extensions (Florida has a 30 day requirement, but permits extensions). The new bill also requires businesses to have written policies for disposing of certain data records,  to use reasonable security measures to protect personal information and to notify the Colorado Attorney General about breaches involving 500 or more Colorado residents. The bill is effective September 1, 2018.

Salazar named deputy director for regulatory agencies
Aug. 15, 2016 — Patricia Salazar, now the financial services commissioner for the Colorado Department of Regulatory Agencies (DORA), will become the department’s deputy executive director, effective Aug. 22.

Board compensation approved by the legislature
May 11, 2016 — Denver — Colorado and Arizona recently joined the growing number of states that allow state charted credit unions the controversial option of compensating board members. (CU Times)

Judge dismisses pot CU’s lawsuit against Fed
Jan. 6, 2016 
— Denver — A federal judge dismissed a Colorado CU’s lawsuit against Federal Reserve of Kansas City to force the regulator to grant t a “master account” to the fledgling financial institution. (Denver Post, Jan. 5READ

Arguments over pot CU expressed in federal court in Denver
DEC. 28, 2015 –Denver — Attorneys for Fourth Corner Credit Union and the Federal Reserve square off in arguments before a U.S. District Court judge over the credit union’s suit to force the Kansas City Fed to grant a “master account” to the fledgling financial institution (LA Times, Dec. 28) READ

Colorado names financial services commissioner
OCT. 27, 2015 — Patricia Salazar is the new Colorado commissioner of financial services and director of the division of financial services.

Regulators OK Merger of Two Colorado Credit Unions
April 9, 2015 – Federal and Colorado regulators have signed off on the proposed merger of two credit unions based in Boulder and with offices mostly in the north Denver metro area.

 

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