The U.S. National Credit Union Administration issued a cease-and-desist order in February to Live Life Federal Credit Union because it didn’t fulfill the required reporting policies in relation to its cannabis-related accounts, according to Crain s Detroit Business.
Credit unions must submit suspicious activity reports every quarter for all cannabis-related accounts, the report said.
What Happened: Karla Haglund, CEO of Fraser-based Live Life, confirmed the credit union failed to meet the reporting deadlines “we screwed up, she told Crain s.
Live Life joined the cannabis space at the end of 2018. Its total assets reached $69.2 million at the end of 2020 compared to $12.4 million at the end of 2017.
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