LOS ANGELES, March 23, 2022 /PRNewswire/ — Pasadena Service Federal Credit Union and StandardC have announced the formation of a social equity program to help underserved cannabis businesses obtain fair access to banking and financial services.
Despite delays by the United States Congress to pass cannabis banking reforms and broader legislation for marijuana legalization, most notably the SAFE Banking Act and the Cannabis Administration and Opportunity Act, Pasadena Service FCU has taken the initiative to serve the underserved communities that have been adversely impacted by the war on drugs.
Jamaal Byers, Director of Compliance for Pasadena Service FCU, commented, “While Congress deliberates, our credit union is doing what we can to help level the playing field by providing access to banking to those who truly need it.”
While cannabis remains restricted under the Controlled Substances Act (CSA), the Financial Crimes Enforcement Network (FinCEN), which enforces the Bank Secrecy Act (BSA) and its Anti-Money Laundering (AML) requirements, issued guidance (FIN-2014-G001) in 2014 that “…clarifies how financial institutions can provide services to marijuana-related businesses consistent with their BSA obligations.”
Robert Baron, the Chief Experience Officer of StandardC, noted, “In launching its Social Equity Program, Pasadena Service FCU is solving a fundamental problem faced by the cannabis industry, particularly those businesses that don’t have access to the banking system. StandardC is proud to support the efforts of Pasadena Service FCU and to enable financial institutions to serve this underserved market.”
Businesses looking to apply for an account with Pasadena Service FCU can complete an application with StandardC using this link: www.standardc.io/psfcu.
About Pasadena Service Federal Credit Union
Pasadena Service FCU (myPSFCU) was established in 1936 and has served the unique banking needs of Pasadena Unified School District and Pasadena City College faculty and staff. Over the years, myPSFCU has evolved into a community chartered financial institution with more than 11,000 members and services to the World Class City of Pasadena and surrounding communities. In 2009, Vernon Commerce Federal Credit Union was acquired and operates as a division of myPSFCU. Members enjoy competitive rates, personalized financial solutions, and a friendly team of dedicated experts as a not-for-profit financial institution. Federally Insured by NCUA.
StandardC is a SaaS analytics network & B2B payment clearinghouse that enables Cannabis-Related Businesses to create self-declared portable business identities to obtain banking and financial services while simultaneously automating and streamlining the initial and ongoing due diligence obligations of financial institutions and service providers.