Shield Compliance, a compliance management platform for banking legal marijuana-related businesses (MRBs), announced last week a partnership with California-based KeyPoint Credit Union.
The deal will allow KeyPoint to automate its compliance and risk management processes, improve the speed and efficiency of new member onboarding, and offer electronic payments to reduce its members’ reliance on cash transactions.
KeyPoint is one of California’s largest credit unions with seven branches and more than 63,000 members.
“Before the coronavirus pandemic, we saw the legal cannabis industry as an important part of our growth strategy centered around assisting underserved segments of the communities we serve while increasing low-cost deposits. With the changes in the market, our program is now an important source of non-interest income,” Cole Saini, director of risk management at KeyPoint Credit Union told Benzinga. “Together with Shield Compliance, we can more efficiently manage the risks associated with providing regulated banking services to the legal cannabis industry and deliver a better experience to our members.”
Tony Repanich, president and COO of Shield Compliance added, “We expect an eventual reconciliation of state and federal law on cannabis. When that happens, early entrants to the market, like KeyPoint Credit Union, will have a strong competitive advantage.”
Lead image by Ilona Szentivanyi. Copyright: Benzinga.
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