Credit Union Forced to Close Marijuana Account
Although New Mexico is one of 20 states that have approved licensing for marijuana business and despite the FinCEN guidance for due diligence on establishing accounts for marijuana business, a credit union examiner threatened a credit union in New Mexico with a Letter of Understanding and Agreement (LUA) if it did not close its marijuana business accounts. The examiner stated that there was no way these types of accounts can be done legally. [10/27/14]
