Monday, February 20, 2017

MAPS CU Serving Oregon Marijuana Industry

Jefferson Public Radio is reporting that MAPS Credit Union (Salem, OR) is providing banking services to marijuana businesses.

The story notes that MAPS Credit Union has opened more than 100 accounts for marijuana businesses.

According to the story, the credit union extensively vets account holders, including visiting their businesses to make sure they are not doing anything illegal.

This extra work to vet account holders has allowed the credit union to charge relatively high fees to these accounts.

The credit union, however, stated it will stop serving these accounts, if the Federal government starts to crack down on financial institutions serving the marijuana business.

Read the story.

No comments:

Post a Comment

 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.