Hemp Banking Regulatory Alert
Banking regulators have had increasing pressure from Congress, including letters from Senate Leader McConnell and longtime hemp champion Senator Wyden. On August 19, 2019, the National Credit Union Administration responded with an official Regulatory Alert on "Serving Hemp Businesses".
In document, the NCUA full contextualized the issues facing hemp businesses. and showed once again that the cogs of government are looking carefully into the new hemp laws, and working to implement them. The 4 page alert gives guidance to Federally Insured Credit Unions, and is addressed to the boards and CEOs of these organizations.
Importantly, the alert put hemp on the top of the desks of banks and lenders across the country. To make a long story short,
"Lending to a lawfully operating hemp-related business is permissible."