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Fraser credit union slapped with cease and desist over marijuana banking violations


Fraser credit union slapped with cease and desist over marijuana banking violations
Fraser credit union slapped with cease and desist over marijuana banking violations
Credit union must implement automated system by April 30
Cannot open new marijuana accounts until in compliance
Larry peplin for Crain s Detroit Business
Karla Haglund
Federal regulators wilted Live Life Federal Credit Union s growing marijuana business with a cease and desist order the first known federal crackdown on marijuana banking.
The U.S. National Credit Union Administration issued a cease and desist order in late February to the Fraser-based Live Life for failing to comply with reporting procedures. Credit unions are required to file Suspicious Activity Reports every quarter for all marijuana-related accounts. ....

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Michigan-Based Credit Union Receives Cease-And-Desist Order Over Cannabis Banking


The U.S. National Credit Union Administration issued a cease-and-desist order in February to
Live Life Federal Credit Union because it didn’t fulfill the required reporting policies in relation to its cannabis-related accounts, according to Crain s Detroit Business. 
Credit unions must submit suspicious activity reports every quarter for all cannabis-related accounts, the report said. 
What Happened: Karla Haglund, CEO of Fraser-based Live Life, confirmed the credit union failed to meet the reporting deadlines  “we screwed up, she told Crain s. 
Live Life joined the cannabis space at the end of 2018. Its total assets reached $69.2 million at the end of 2020 compared to $12.4 million at the end of 2017. ....

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Live Life Federal Credit Union


The U.S. National Credit Union Administration issued a cease-and-desist order in February to Live Life Federal Credit Union because it didn’t fulfill the required reporting policies in relation to its cannabis-related accounts, according to Crain s Detroit Business. 
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Banking and Cannabis Enforcement Round Up:  NCUA Imposes First Penalty Relating to Cannabis Banking Services; Cannabis Industry Execs Convicted of Defrauding Banks into Providing Financial Services; Congress Re-Introduces the SAFE Banking Act | Ballard Spahr LLP


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Much has occurred in the last two months regarding the relationship between financial institutions and Marijuana-Related Businesses, or MRBs. In this post, we discuss three major developments, all of which share a complex connection. First, the National Credit Union Administration (“NCUA”) recently pursued its first enforcement action against a credit union for Anti-Money Laundering (“AML”) compliance failures when servicing MRBs. Second, two cannabis industry executives were convicted of bank fraud for allegedly tricking banks and other financial institutions into unwittingly extending financial services to their MRB. Third, and despite this enforcement drumbeat regarding MRBs, Congress has introduced again, with bi-partisan support, the SAFE Banking Act, which seeks to normalize the banking of cannabis by prohibiting federal bank regulators from taking certain actions against financial institutions servicin ....

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Cannabis Client Alert - Week of March 29, 2021 | Dentons


In this week’s edition:
Cannabis Banking Bill has bipartisan support
Congressional Research Service clarifies 280E
New York comes to recreational cannabis agreement
Medical cannabis laws have no impact on adolescent recreational use, research finds
Federal
Cannabis Banking Bill Reintroduced in the Senate -  US Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), along with 27 other cosponsors, have reintroduced the Secure and Fair Enforcement (SAFE) Banking Act. If enacted, SAFE would ensure that financial institutions could service cannabis business clients without facing federal penalties. At present, the threat of federal penalty has shut out many cannabis companies from working with  many banks and credit unions. Now that Democrats control the Senate and the White House, many in the industry are optimistic about passage. ....

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