President Message

Advocacy and Advancement in Action

It’s funny how after more than 2 years of running as fast as we can, a return to “normal“ pace can feel like we’re moving at a snail’s pace. Such is the new reality — Conventional Wisdom kind of isn’t a thing anymore. If we are to succeed in this new environment, we must shale the 100-yard stare and look at everything with fresh eyes, considering whether our established practices meet the current needs of our members, employees, boards, and communities.

This morning, the Hartford Business Journal hosted its second annual CT Cannabis Conference & Expo. Recognizing the need to preserve the territory credit unions carved out more than 20 years ago (and not cede competitive ground to late-coming financial services providers), the League has been a principal sponsor of this event for the last 2 years. In my remarks at the opening of the session, I noted how credit unions are the creative financial problem solvers in the financial services space and that we figured out how to bank this underserved population before anyone else. I also noted the fact that this conference doubled in size year over year is a likely indicator of the corresponding growth in the cannabis industry.

But nothing is easy it seems. There is a complex set of risks and rewards for credit unions to consider when determining whether to offer services to Marijuana Related Businesses (MRBs). This is confounded by the fact that many credit unions and banks may already be unknowingly providing financial services to an MRB if their member or customer is providing ancillary services or products to an MRB. The political and regulatory environment is still uncertain enough to raise barriers for both financial institutions and MRBs seeking financial services. Time for fresh eyes, indeed.

This evening, a coalition of league members will gather in Washington D.C. for our fall Hike the Hill to bring this issue and many others to the top of mind for our federal delegation.

Ever in your service,
Bruce