New Mexico Story Archive

New Mexico Credit Union Receives the Nation’s First Financial Institution Certification for Cannabis and Hemp Banking Protocols

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.


Credit Unions Support State Small Business Lending Proposal

June 17, 2020 – New Mexico’s credit unions are ready to help if the legislature passes a new low-interest loan program during its special session.

The Credit Union Association of New Mexico supports Gov. Michelle Lujan Grisham’s effort to ask the New Mexico Legislature to approve a proposal to direct the State Investment Officer to invest a portion of the state’s multibillion-dollar Severance Tax Permanent Fund to support loans to small business and municipalities during the 2020 Special Session, which is set to begin at noon on Thursday, June 18. The proposal calls for low-interest long-term loans to help municipalities meet budget shortfalls and help small businesses with post-COVID-19 expenses.

“Now is the time for New Mexico to bring all necessary resources to bear to get struggling businesses back on their feet. These small businesses, hit hard by the pandemic, need help,” said Paul B. Stull, President, and CEO of CUANM. “The special legislative session will address this need with a program to invest in small businesses, designed specifically to create and preserve jobs, which will keep our economy growing at a very difficult time.”


CUANM Supporting Anti-Predatory Lending Bill
March 25th, 2021

Dear Governor Lujan Grisham,

In January you established a list of priorities for the 2021 legislative session. Credit unions and many others were very hopeful when you set capping rates on predatory loans as one of your key efforts. Unfortunately that bill, and many of our legislators, were mislead by the predatory lending industry and the stain of 175% or even 99% interest rates on small-dollar loans continues in New Mexico.

Today you are considering the list for action during a special legislative session. It would be a great service to add your priority legislation to that session and give legislators another chance to end the suffocating debt trap caused by predatory lenders.


Securities Division Reminds Firms to Contact Regulators with Issues Related to Solarwinds Breach

January 8, 2021 —SANTA FE – The Securities Division of the New Mexico Regulation and Licensing Department is reminding financial service registrants, particularly state-registered investment advisers and intrastate broker-dealers, to report any known issues or concerns related to the recent SolarWinds cybersecurity incident to their primary securities regulator.

“By utilizing trusted software updates, the bad actors took advantage of the normal and recommended best practice of keeping software up to date. Thousands of companies may have been exposed simply for doing the right thing” said Linda Trujillo, Deputy Superintendent.

In December 2020, the federal government has reported that SolarWinds, a vendor that provides updating and monitoring software to numerous government agencies and private companies, was the victim of a breach that caused SolarWinds Orion Network Management Products to transmit malware to many of its clients, including federal, state, and local governments, as well as other private sector entities.


Regulator retires; deputy named acting director
Sept. 6, 2016 — Change has come to New Mexico financial institution supervision with the retirement last week of the state’s principal top financial institution regulator– and the appointment of an acting director. Cynthia Richards retired officially Aug. 31, having served just more than five years (since July, 2011) as director of the financial institutions division of the New Mexico Regulation and Licensing Department. Taking her place (as acting director) is Deputy Director Christopher Moya. “It has been an honor to serve the people of the State of New Mexico and to work alongside such capable and dedicated professionals both in our government service and in the New Mexico financial industry,” Richards said in a statement. “My goals have always been to protect the people of our state, to insure the soundness of our financial industries and to promote the professionalism of the Financial Institutions Division.”

Press release/Richards retires, Moya named acting director

First Financial Credit Union Joins the Apple Pay Party
May 11, 2015 – Less than three months after it announced a merger with Chino Federal Credit Union in Silver City, First Financial Credit Union launched Apple Pay to its entire member base May 4. It joins Nusenda Credit Union in being one of only two credit unions in the state to offer Apple Pay.

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