The League – Fostering Financial Wellbeing for All

NCUA: Additional Guidance Regarding Servicing Hemp-Related Businesses (NCUA Letter to CUs No. 20-CU-19, June 2020)

In August 2019, the NCUA issued NCUA Regulatory Alert, 19-RA-02, Serving Hemp Businesses, to provide interim guidance related to the passage of the Agriculture Improvement Act of 2018 (2018 Farm Bill). This letter’s purpose is to provide additional information for credit unions that are serving, or considering serving, legal hemp-related businesses, as they, too, have been affected by the COVID-19 pandemic. Like 19-RA-02, this letter is advisory and provides no new expectations or requirements for credit unions.