It’s time to push banking reform forward: federal finance regulator

Rodney Hood, a board member at the federal National Credit Union Administration, said he’s committed to putting the pressure on lawmakers to make it easier for cannabis companies to bank at the PBC Conference in DC this week, reports Marijuana Moment.

“Let me be clear about where I stand,” he said. “It is time for federal action to clarify and harmonize the laws and regulations surrounding the state-legal cannabis industry and marijuana-related businesses, so that this industry can take part in the legitimate financial services industry.”

‘Principles-based approach’

Citing Congress’s slow pace pushing ahead with acts like the SAFE Banking Act, Hood proposed that a working group made up of representatives from federal financial regulatory agencies work to create a “principles-based approach to cannabis banking,” he said. 

They would develop a framework to bring to regulators and members of Congress with the goal of taking action toward better banking conditions in the industry.

Who is Rodney Hood?

While yet another working group may not sound overly promising, Hood could be a powerful force for reform, particularly among Republicans looking for reasons to criticize the current Democrat administration. Under former President Bush, he worked for the NCUA from 2005 to 2009. He was named chairman by Trump in 2019 before recently taking a board member role. 

“Legalization in some form is going to happen, and the abdication of responsibility to address these issues in Washington is simply ludicrous,” he told the PBC Conference. “This is precisely the time we need leadership at the federal level to steer this ship in the right direction.”

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