Today, New Mexico Attorney General Hector Balderas announces that New Mexico-based US Eagle Federal Credit Union is the first financial institution to become certified in the country for outstanding U.S. monetary banking protocols in banking cannabis and hemp operations.
This honor is part of a financial services certification program overseen by the Policy Center for Public Health & Safety (PH&S) in collaboration with state attorneys general. It is also part of a broader certification effort being implemented by ASTM international and PH&S.
"The marijuana industry will soon be exploding in New Mexico, and it is important to have banking safeguards to mitigate illicit and criminal conduct. This is an important first step in partnering with legally compliant businesses in the marketplace," said New Mexico Attorney General Hector Balderas.
The certification brings banking and financial transparency to ensure the safety of the monetary system for institutions banking hemp and cannabis.
"Credit unions were chartered to serve the unbanked and underserved population. The cannabis industry has been unbanked and underserved for years, often resulting in adverse impacts on public safety in communities where cannabis is legal," said Marsha Majors, President / CEO of US Eagle Federal Credit Union.
"Fundamental to marketplace validation is knowing which financial institutions are following procedures and protocols that are compliant with state and federal law. And, for the Industry to 'bank' and receive financial services and take institutional investment -- financial institutions and their insurers are looking for guidance," said Karen White, Executive Director, Attorneys General Alliance.
For more information:
US Eagle Federal Credit Union