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.
The growth …