CEO of Partner Colorado Credit Union, Sundie Seefried will step down in July. She is set to lead a new cannabis banking company called, Safe Harbor Financial. SHF is the cannabis banking arm and its division that licenses those services to other entities. Search homes for sale in Flying Horse, Colorado Springs, CO here: http://www.rehava.com
Partner Colorado – Separate Entity
Partner Colorado chose to separate the entity from the credit union to devote more resources to the growing market. Also to ensure the credit union’s consumer division is not neglected. Seefried has been the head of the institution’s cannabis banking efforts since 2014. That is the same year state-licensed retail sales of cannabis began in Colorado.
“A lot of my attention has been distracted by the cannabis banking program. In fact, many people think I just run Safe Harbor Private Banking. They don’t realize I’m actually the CEO of Partner Colorado Credit Union with 36,000 consumer members,” she said.
Continuity of Management
When her contract came up for renewal last fall, Seefried approached Partner Colorado’s board. She presented a proposal to solely focus on the cannabis banking arm. Since I manage that program, my time has to be spent on continually developing it. And allowing it to evolve with this emerging market, which takes my time away from the consumer end of the business.
The cannabis banking program and its compliance requirements under the Bank Secrecy Act (BSA) dominated the boardroom conversation.
Marijuana’s federal designation as a Schedule 1 drug. That means banks and credit unions face significant legal risks. When they choose to extend services to cannabis-related businesses due diligence is a must. As a result, many financial institutions are reluctant to enter the space.
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