Sundie Seefried Sheds Light on Banking Issues Facing Marijuana and Hemp Businesses in Colorado During Virtual Town Hall Meeting

Arvada, CO, December 18, 2020 --(PR.com)-- Sundie Seefried, CEO of Partner Colorado Credit Union and founder of Safe Harbor Private Banking, was one of several distinguished panelists to participate in a virtual town hall meeting hosted by Colorado’s Department of Regulatory Agencies (DORA) to discuss financial services, insurance and economic development for cannabis businesses. Seefried is nationally recognized for her innovation in establishing a compliance-based banking program to legally deposit cash from cannabis businesses into a state-chartered credit union.

Seefried, along with Kenneth Boldt, State Bank Commissioner and Mark Valente, Financial Services Commissioner (among others) gave their insights into how the state is progressing in its support for Colorado’s licensed/registered marijuana and hemp businesses.

The panel was asked why many financial institutions still will not accept cannabis business clients despite more states legalizing cannabis. “It’s still illegal on the federal level, so there is still fear of prosecution of directors and officers,” Seefried replied. “Additionally, the extensive Bank Secrecy Act (BSA) resources required to mitigate risk are a barrier to entry for many financial institutions.”

Problems consistently raised by marijuana and hemp businesses were addressed during the virtual town hall including having bank accounts closed, being charged high fees to maintain bank accounts, and difficulty accessing capital.

“When the black market is minimized and banking is optimized nationally, banking will get easier,” Seefried explained. “Between the black-market activities trying to hide amongst legal entities and legacy funds trying to enter the financial system, a high level of attention to compliance and the needed resources to accomplish that task will result in high fees,” said Seefried. “The good news is, more competitors are entering the financial services market, which could result in lower fees, however, the question remains, can those entering survive on lower fees and not end up closing down accounts,” Seefried said.

“I applaud the work Governor Polis and DORA Executive Director Patty Salazar are doing to facilitate two-way communications about the challenges facing the cannabis industry and how they both continue to provide steadfast leadership and support to an often mis-understood industry and undervalued industry,” concluded Seefried.

About Partner Colorado Credit Union
Established in 1931, Partner Colorado Credit Union is a member-owned not-for-profit cooperative with total assets exceeding $500 million. The credit union offers a wide range of financial products and serves 35,000 members. Partner Colorado actively supports the community by donating funds and employee volunteer hours to many Denver Metro area organizations. For more information, visit PartnerColoradoCU.org.

About Safe Harbor Private Banking
Safe Harbor Private Banking is a compliance-based banking program for the cannabis industry, and a subsidiary of Partner Colorado Credit Union. Safe Harbor makes it possible for legal cannabis businesses to bank cash. Each dollar is validated, transparent and accountable for legitimate licensed entities. Safe Harbor pioneered the turnkey program to help keep communities safer and stay true to the credit union philosophy of “serving the underserved.” For more information, go to safeharborprivatebanking.com.