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.

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