The challenge posed by a lack of access to banking and other financial services was an unforeseen obstacle for many hemp businesses. Credit unions have been instrumental in many cases, but commercial banks are reticent to bank hemp clients because of perceived risk. Very few commercial banks have ventured to work with hemp clients.
Interim guidance was issued as early as August 2019, as reported by The Jacobsen. This guidance was proffered by the National Credit Union Administration (NCUA), who released fresh guidance last week in a FAQ format. This guidance doesn’t offer any new protections to banks but provides details for banking hemp and staying compliant. You can read more about it here:
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