A handful of Maine credit unions currently offer marijuana-related business (MRB) accounts to their members. Recently, those credit unions have reported changes in the way regulators are expecting MRB accounts to be handled, including increased transparency and scrutiny. Those changes are likely to cause some disturbances within the MRB community. The League recently took the proactive step of sending a letter to legislative leaders, the Mills’ administration, and Maine’s congressional delegation to explain the situation.
The League has long advocated that Maine’s MRBs need increased access to financial services, while also making sure that credit unions understand the challenging regulatory obligations that accompany offering MRB accounts. This work continues both at the State House and in Washington, DC.
For more information, the League has launched an MRB page on the League’s website. Please contact the Governmental Affairs team if your credit union has questions concerning our advocacy activity on this issue.