Louisville, KY—Senate Majority Leader Mitch McConnell (R-KY) announced in a press release that, at his request, the National Credit Union Administration (NCUA) issued guidance regarding changes in federal law related to hemp for federally issued credit unions looking to provide financial services to the hemp industry.
The move comes in response to the challenges faced by hemp farmers and producers trying to access capital and financial assistance as they look to explore hemp’s economic opportunities.
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NCUA Chairman Rodney Hood told Senator McConnell: “The interim guidance makes it clear that credit unions may provide the customary range of financial services for business accounts, including loans, to those these lawfully operating businesses… My expectation is that credit unions will thoughtfully consider whether they are able to safely and properly serve lawfully operating hemp-related businesses within their fields of membership.” The guidance will be updated once regulations and guidelines are finalized by the USDA.
Senator McConnell said in the release: “I’m delighted to hear the NCUA has answered my call on behalf of Kentuckians to ensure the legal hemp industry can access much-needed financial services… many of my constituents have told me about their difficulty receiving loans and other services that are necessary to successfully run a hemp business. Through this guidance by the NCUA, I look forward to more hemp farmers, processors and manufacturers starting or growing their operations with the help of Kentucky’s credit unions.”
The guidance can be downloaded here.