A local credit union which recently refused to take on a CBD business as a customer says they want to wait until state laws are in compliance with financial regulations. State officials say that’s already established.
Summit Credit Union verified that Hemp Haven was notified their account would be closed by next week. In a statement provided to 27 News, Summit President and CEO Kim Sponem said they want additional oversight before opening accounts to industrial hemp, CBD oil, etc.
The Wisconsin Bankers Association (WBA) said it’s not uncommon for confusion to grow regarding federal and state law. They do not work with credit unions but are telling their members it’s “okay” to invest with CBD and hemp businesses. However, it’s up to their discretion if they choose to wait until the federal government establishes new protocols.
“They’re going to want to know more, and they’re going to want to learn about the industry,” said Assistant Legal Director for Wisconsin Bankers Scott Birrenkott. “Because they have been so new, bankers are not going to know much about the industry itself – they’re probably going to have more questions.”