GFA Federal Credit Union
“GFA is owned by our members, not by stockholders. Every member is an equal owner of the credit union. Our Better Banking Representatives are dedicated to helping you reach your financial goals, whatever they may be. We have the solutions you need to grow your business, finance your continuing education, buy your first home, or plan your retirement. It’s Better Banking. Better for you. Better for our community. We are proud to be YOUR credit union.”
- website: https://www.gfafcu.com/
Cannabis Banking Services
States Served:
- Nationwide
Official cannabis banking page: NA
Media coverage:
- Mass Live: GFA Federal Credit Union partnering with Hypur to offer digital contactless payments for marijuana in Massachusetts
Hypur, a financial services company and leader in sustainable payments for high-risk, cash-intensive businesses, has announced Thursday that it is partnering with GFA Federal Credit Union to offer digital contactless payments and other options for the credit union’s cannabis business members through Hypur’s platform. GFA in September 2018 became the first financial institution to offer recreational marijuana businesses in Massachusetts and serves 80% of the state’s cannabis market. The credit union is full service and member-owned, offering personal, business, investment and insurance solutions.
- Boston Business Journal: GFA Federal Credit Union’s cannabis division sees rapid expansion
- Meanwhile, GFA is filling the gap and growing. A year ago, it began offering direct loans to cannabis companies — everything from established operators to newcomers. The loans are through GFA, while Lighthouse does the customer service and compliance oversight. To date, the credit union has lent $20 million to cannabis companies, 60% of which are new entrants to the market.
Bank Health Rating
DepositAccounts.com Rating: link
- DepositAccounts considers several health grade components:
- Texas Ratio (measuring bank credit risk);
- Texas Ratio trend;
- Deposit growth;
- Capitalization (difference between bank assets and liabilities).