REGULATING AGENCY: New Mexico Regulation and Licensing Department; Financial Institutions Division
- Mark Sadowski, Director
- Rebecca Moore, Deputy Director
- Website: rld.state.nm.us/financialinstitutions/
- Cannabis Control Division
LEAGUE: Credit Union Association of New Mexico
PRIVATE SHARE INSURANCE: No
STATS: (As of Q4 2021)
Total Number of Credit Unions: 40
- TOTAL # SCUs: 18
- TOTAL # FCUs: 22
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 45%
Total Assets: $16,266,717,674
- TOTAL $ SCU ASSETS: $4,181,322,222
- TOTAL $ FCU ASSETS: $12,085,395,452
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 26%
Total Members: 997,509
- TOTAL Members SCUs: 305,859
- TOTAL Members FCUs: 691,650
- SCU % OF TOTAL (SCUS/STATE TOAL): 31%
FUN FACT: This state’s capital, Santa Fe, is the highest capital in the country—sitting at 7,000 square feet above sea level. And in Santa Fe, the Palace of Governors, built in 1610, is one of the oldest public buildings in America.
December 14, 2021 /PRNewswire/ — Today, New Mexico Attorney General Hector Balderas announces that New Mexico-based US Eagle Federal Credit Union is the first financial institution to become certified in the country for outstanding U.S. monetary banking protocols in banking cannabis and hemp operations.
This honor is part of a financial services certification program overseen by the Policy Center for Public Health & Safety (PH&S) in collaboration with state attorneys general. It is also part of a broader certification effort being implemented by ASTM international and PH&S.
“The marijuana industry will soon be exploding in New Mexico, and it is important to have banking safeguards to mitigate illicit and criminal conduct. This is an important first step in partnering with legally compliant businesses in the marketplace,” said New Mexico Attorney General Hector Balderas.
The certification brings banking and financial transparency to ensure the safety of the monetary system for institutions banking hemp and cannabis.
“Credit unions were chartered to serve the unbanked and underserved population. The cannabis industry has been unbanked and underserved for years, often resulting in adverse impacts on public safety in communities where cannabis is legal,” said Marsha Majors, President / CEO of US Eagle Federal Credit Union.
Click here to take a look at the stories that have been collected over the years in New Mexico.
What’s new in your state?
Click here to submit your state-chartered credit union news stories to NASCUS today!