Apple to Apples
An independent federal agency has recently cited a Michigan credit union for non-compliance with regulations regarding banking services for the marijuana industry. Consequently, the financial institution has been directed to halt the opening of new cannabis accounts.
The National Credit Union Administration’s cease-and-desist order emphasizes the need for financial institutions to maintain compliance when providing services to marijuana businesses.
The Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury, has issued regulations to financial institutions regarding the surveillance and reporting of suspicious activities, including potential money laundering.
The credit union had a manual system, which resulted in the late filing or missed suspicious activity reports.
But what about this –> Cannabis cash transactions aren’t suspicious says IRS
According to the order the credit union waived its right to appeal and agreed to take the following steps:
Immediately cease opening new marijuana accounts and suspend transactional activity on certain existing accounts. Implement an automated system to effectively monitor, identify and file suspicious activity reports in accordance with FinCEN regulations. Engage a third party to validate compliance.
Related Links
Related Articles
Michigan Probationers Allowed Medical Marijuana
Yea. We did that...What it is supposed to beOn February 11, 2021, the Michigan Court of Appeals ruled that judges cannot prohibit individuals on probation from using medical marijuana if they are registered patients under the Michigan Medical Marihuana Act (MMMA)....
Public Defenders in Michigan – Qualifications and What They Do
Note: This is what they are supposed to do. Whether they give a damn about you and the outcome is up to the individual attorneyWhat it is supposed to beIn Michigan, public defenders play a vital role in the criminal justice system by providing legal representation to...
New Michigan Laws Going Into Effect 2025
Making laws as fast as possible. Look over here...Not over there.Some of Michigan's new laws in 2025 include minimum wage increases, paid sick time, and automatic voter registration. Minimum wage The minimum wage in Michigan increased to $10.56 per hour on January 1,...
Whitmer’s $3B plan to fix Michigan’s roads calls for more taxes
Same Thing - Different DayWhitmer's $3B plan to fix Michigan roads calls for more corporate, marijuana taxes, taxes at the pump and you can just imagine the ones you don't know about.Michigan Governor Gretchen Whitmer has introduced a comprehensive three billion...
More Posts
Forfeiture without Criminal Charges
Can the police seize your belongings and hold it without charging you with a crime?Read the summary below and watch Attorney Michael Komorn in the Court of...
23andMe filed for Chapter 11 bankruptcy and your data is?
As of Friday 3/28/25, the firm’s shares were worth less than a dollar.If you are charged with a crime you're part of the State of Michigan family now. Call us - Because...
Judge finds marijuana testing facilities run by ex-cops violated testing results
Viridis Laboratories has faced ongoing allegations of exaggerating THC levels while minimizing the potential risks associated with cannabis.If you are charged with a...
Domestic Violence Conviction Prohibits Gun Ownership
No Second Amendment Rights For YouIf you are charged with a crime you're part of the State of Michigan family now. Call us - Because you don't want to be a part of that...
Update on Michigan’s Sick Time Act (Small Business Compliance)
Small Business Compliance Accrual Method: Employees accrue 1 hour of paid sick time forevery 30 hours worked, and unused paid sick time rolls over upto 72 hours, or 40...
What Are Your Rights Before And After Arrest?
What are your rights before and after arrest?Generally, police require a search warrant to lawfully enter any private premises or to search electronic devices such as...
Drones – What Drones? Update
Drone story update January 28, 2025 NJ drones 'were authorized to be flown by FAA for research,' Donald Trump says The mysterious drones that captivated New Jersey late...
If I renounce my US citizenship can I get it back?
Venezuela or Bust If I renounce my U.S. citizenship can I get it back?Renouncing U.S. citizenship is a serious legal action. It involves voluntarily giving up your...
New Laws in Effect for Michigan in 2025
Some laws in effect in 2025 "Enacted by the People of Michigan" Here we go...Minimum wage Improved Workforce Opportunity Wage Act - Michigan's minimum wage will...
The Police Took Your Cellphone – Now What?
Everything you have and say will be evidence used against you. The Police took your cellphone - Now what?After your arrest, you arrive at the police station where you...
