The NAFCU Journal November-December 2019 - 45

Under the Trump administration, former
Attorney General Jefferson Sessions published a one-page memorandum rescinding the Cole memo, opening the door to
more aggressive prosecution of federal
marijuana laws. Current Attorney General
William Barr has yet to restore the Cole
memo, and it remains unclear whether he
will leave the Sessions memorandum in
place. Barr did announce that the DOJ will
not "go after" any institutions that both
adhere to the Cole memo and comply with
state marijuana regulations, but he did not
indicate an intention to replace or reinstate
the guidance.
Prior to the rescission of the Cole memo,
many credit unions that serve marijuanarelated businesses reported that NCUA
was examining them for compliance
with the memo's priorities and FinCEN's
guidance. Once the memo was rescinded,
NCUA did not issue any formal guidance
or statement on how they would view
these accounts going forward. To date,
NCUA has not issued any formal guidance
on serving marijuana-related businesses.
Earlier this month, NCUA Chairman
Rodney Hood stated that, with regard to
credit unions servicing cannabis-related
businesses, "It's a business decision for
the credit unions if they want to take
the deposits. We don't get involved with
micromanaging credit unions." He indicated that a credit union wishing to serve
marijuana-related businesses must follow
applicable regulations, including all BSA
requirements and FinCEN's guidance,
and assess and mitigate the risk posed by
cannabis-related businesses appropriately.
However, NCUA will not be citing credit
unions for doing business with a cannabis-related business in and of itself. This
statement appears to confirm that NCUA's
position regarding these issues has not
changed following the rescission of the
Cole memo. While this still leaves credit
unions serving marijuana-related businesses in a gray area, having a reaffirmation that the rescission of the Cole memo
does not affect NCUA's view of these
accounts is nonetheless helpful.
Elizabeth M. Young LaBerge is senior
regulatory compliance counsel for NAFCU.

STATEMENT OF OWNERSHIP, MANAGEMENT AND CIRCULATION (REVISED)
1.
2.
3.
4.
5.
6.
7.

Publication Title: The NAFCU Journal
Publication Number: 1043-7789
Filing Date: 10/1/2019
Issue Frequency: Bimonthly every other month
Number of Issues Published Annually: 6
Annual Subscription Price: $35 (member)
Complete Mailing Address of Known Office of Publication: 3138 10th Street, N.,
Arlington, VA 22201-2149
Complete Mailing Address of Headquarters or General Business Office of Publisher:
3138 10th Street, N., Arlington, VA 22201-2149
Full Names and Complete Mailing Addresses of Publisher, Editor, and Managing Editor:
Publisher: Jacqueline Ramsay, 3138 10th St., N., Arlington, VA 22201-2149; Editor: Jacqueline Ramsay, 3138 10th St., N., Arlington, VA 22201-2149; Managing Editor: Cassie
Blake, 3138 10th St., N., Arlington, VA 22201-2149
Owner: National Association of Federally-Insured Credit Unions, 3138 10th St., N.,
Arlington, VA 22201-2149
Known Bondholders, Mortgagees and Other Security Holders Owning or Holding 1%
or More of Total Amount of Bonds, Mortgages or Other Securities: None
N/A
Publication Title: The NAFCU Journal
Issue Date for Circulation Data Below: 9/1/2019
Extent and Nature of Circulation: Trade association

8.
9.

10.
11.
12.
13.
14.
15.

Average no. of
copies each issue during
preceding 12 months

No. copies of
single issue published
nearest to filing date

5,131

5,338

4,291

4,502

0

0

0

0

0

0

4,291

4,502

0

0

0

0

13

31

805

803

818

834

5,635

5,336

22

2

H. Total

4,291

4,502

I. Percent Paid Circulation

84.0%

85.0%

A. Total number of copies
B. Paid circulation
1. Outside-county paid
subscriptions
2. In-county paid subscriptions
3. Sales through dealers and
carriers, street vendors,
counter sales and other nonUSPS paid distribution
4. Other classes mailed through
the USPS
C. Total paid distribution
D. Free or nominal rate distribution
1. Outside-county
2. In-county
3. Other classes mailed through
the USPS
4. Outside the mail
E. Total free or nominal rate
distribution
F. Total distribution
G. Copies not distributed

I certify that the statements made by me above are correct and complete.
Jacqueline Ramsay, publisher/editor

THE NAFCU JOURNAL  NOVEMBER-DECEMBER 2019

45



The NAFCU Journal November-December 2019

Table of Contents for the Digital Edition of The NAFCU Journal November-December 2019

The NAFCU Journal November-December 2019
Contents
Conferences
From the Chair
Washington and Industry Briefs
The Bottom Line
Welcome, New Members
Leading the Charge
Test for Success
Test for Success
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal November-December 2019 - The NAFCU Journal November-December 2019
The NAFCU Journal November-December 2019 - Cover2
The NAFCU Journal November-December 2019 - Contents
The NAFCU Journal November-December 2019 - 2
The NAFCU Journal November-December 2019 - Conferences
The NAFCU Journal November-December 2019 - From the Chair
The NAFCU Journal November-December 2019 - 5
The NAFCU Journal November-December 2019 - Washington and Industry Briefs
The NAFCU Journal November-December 2019 - 7
The NAFCU Journal November-December 2019 - The Bottom Line
The NAFCU Journal November-December 2019 - 9
The NAFCU Journal November-December 2019 - 10
The NAFCU Journal November-December 2019 - 11
The NAFCU Journal November-December 2019 - 12
The NAFCU Journal November-December 2019 - Welcome, New Members
The NAFCU Journal November-December 2019 - 14
The NAFCU Journal November-December 2019 - 15
The NAFCU Journal November-December 2019 - 16
The NAFCU Journal November-December 2019 - 17
The NAFCU Journal November-December 2019 - Leading the Charge
The NAFCU Journal November-December 2019 - 19
The NAFCU Journal November-December 2019 - 20
The NAFCU Journal November-December 2019 - 21
The NAFCU Journal November-December 2019 - 22
The NAFCU Journal November-December 2019 - 23
The NAFCU Journal November-December 2019 - 24
The NAFCU Journal November-December 2019 - 25
The NAFCU Journal November-December 2019 - Test for Success
The NAFCU Journal November-December 2019 - 27
The NAFCU Journal November-December 2019 - 28
The NAFCU Journal November-December 2019 - 29
The NAFCU Journal November-December 2019 - 30
The NAFCU Journal November-December 2019 - 31
The NAFCU Journal November-December 2019 - Test for Success
The NAFCU Journal November-December 2019 - 33
The NAFCU Journal November-December 2019 - 34
The NAFCU Journal November-December 2019 - 35
The NAFCU Journal November-December 2019 - 36
The NAFCU Journal November-December 2019 - 37
The NAFCU Journal November-December 2019 - 38
The NAFCU Journal November-December 2019 - 39
The NAFCU Journal November-December 2019 - Executive Spotlight
The NAFCU Journal November-December 2019 - 41
The NAFCU Journal November-December 2019 - Management Insight
The NAFCU Journal November-December 2019 - 43
The NAFCU Journal November-December 2019 - Compliance Central
The NAFCU Journal November-December 2019 - 45
The NAFCU Journal November-December 2019 - Inside NAFCU Services
The NAFCU Journal November-December 2019 - 47
The NAFCU Journal November-December 2019 - From the President’s Desk
The NAFCU Journal November-December 2019 - Cover3
The NAFCU Journal November-December 2019 - Cover4
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