Lucy Ito, formerly executive vice president and chief operations officer of the California and Nevada Credit Union Leagues (CCUL/NCUL), joined NASCUS in November 2014 as the organization’s president and CEO.
At CCUL/NCUL, Ms Ito provided oversight to all four of the Leagues’ divisions—Advocacy, Member Solutions, Strategic Innovation and Planning, and Finance and Human Resources. She served as the World Council of Credit Unions’ (WOCCU) senior vice president prior to joining the CCUL/NCUL in 2004. While at WOCCU, she worked on technical programs and legislative and regulatory issues primarily in Central and Eastern Europe, Central Asia, Asia and the Pacific.
Ms. Ito currently serves on WOCCU’s Worldwide Foundation Advisory Committee, and the CALCenter Credit Union Board of Directors. She also serves on the Board of the International Credit Union Regulators’ Network (ICURN). Her previous credit union system board and committee service includes: CCUL/NCUL Regulatory Advocacy Committee; Consumer Protection Subcommittee of CUNA Governmental Affairs Committee; CCUL State Charter Review Committee; AACUL System Collaboration Task Force; Executive Committee of the CUNA Operations, Sales and Service Council; CCUL/NCUL Shapiro Advisory Committee; CCUL/NCUL Branding Committee; Applied Research Institute; WOCCU’s Global Women’s Leadership Network Advisory Committee; Western States Corporate Realignment Task Force; Member Business Service Board of Directors; Nikkei Credit Union Board of Directors; and Overseas Cooperative Development Council (OCDC).
Ms. Ito has a B.A. in economics and Asian studies from the University of California-Berkeley and an M.A. in linguistics from the University of Wisconsin-Madison. Her post-graduate work includes research as a Regents’ Fellow at the University of California-Santa Cruz, and she is a graduate of the CUES Advanced Leadership Institute at Harvard Business School.
In the space of a mere few years, consumers, business owners, credit unions, state governments, and the US federal government have witnessed the banking of cannabis emerge from the shadows to the forefront of financial services. With the conflict between state and federal law yet to be reconciled, the issues are myriad and complex for both the credit union that decides to pro-actively bank marijuana (and/or hemp businesses) and the credit union that decisively says “no” to serving these businesses. Whether deciding “yes” or “no,” all credit unions must be able to navigate the maze of compliance requirements and understanding the complex organizational, regulatory, and legal world in which marijuana-related businesses operate.
In this session, we will review the status of cannabis legalization at the state level, the policy considerations for credit unions thinking of getting ”in,” the policy considerations for credit unions deciding to steer clear, the subjectivity of what constitutes a “marijuana-related business,” cross-border and interstate issues, the labyrinthine world of marijuana-related businesses, and the status of hemp guidance at the federal and state levels including the literal volatility of hemp. In a word, it’s complicated!