Updates to Regulations for Credit Unions Working With Hemp Producers

Previously, there were many restrictions in place that prevented credit unions and banks from working with hemp producers. Specifically, banks at the time were required to file suspicious activity reports for customers who were also growing hemp. This is no longer the case and this regulation has been removed. As long as producers or CBD companies are following all of the health regulations and are selling CBD or hemp products that are properly classified, there are no negative effects to banks working with them. It is recommended that credit unions are aware of the CBD laws and regulations and the possible dangers associated with working with such companies. As long as the CBD company is legitimate and authorized, the banks are not at any risk. 

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