RESOURCES | Quoted

Cannabis Banking: How well do you know your members?
Published on April 12, 2021

 

On March 31, 2021, CUInsight published an interview with CRB Monitor Founder and CEO, Steve Kemmerling, where he explained the tiering system that he developed to help financial institutions define, measure, mitigate marijuana related risk.

In the article, he discusses with Tony Repanich, President & CEO of Shield Compliance, why he created the tiering system, what are the tiers, and how they can best be utilized by credit unions.  Whereas marijuana remains federally illegal most credit unions continue to avoid the industry, while those that choose to serve the industry must have robust cannabis-specific policies, procedures and programs to do so without raising the ire of banking regulators.

Without clear, well-defined policies, you can’t have clear, well-defined procedures. Once a credit union has agreed-upon definitions in place, it can then create a risk matrix that informs what products and services it may or may not extend to any given member."

Reference the full article here

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