While the 2018 Farm Bill authorized production and processing of hemp plants with less than 0.3% THC content, bankers need to carefully review USDA’s rules for production and licensing. Meanwhile, legal production of hemp derivatives will depend on guidance from the FDA.
Browsing: 2018 Farm Bill
ABA today recommended several changes to the U.S. Department of Agriculture’s interim final rule that would facilitate banks offering services to hemp growers and hemp-related businesses.
Kansas banker Shan Hanes testified before a House Agriculture Subcommitee today, offering the association’s perspective on agricultural credit issues in rural America.
The federal banking agencies and the Financial Crimes Enforcement Network, in consultation with the Conference of State Bank Supervisors, today issued guidance long sought by ABA on banks’ Bank Secrecy Act obligations related to hemp producers.
While the 2018 Farm Bill reclassified hemp as a legal agricultural commodity, banks still face challenges in serving hemp producers and hemp-related businesses, the American Bankers Association said today in a statement submitted for the record of a Senate Agriculture Committee hearing.
In a letter to the heads of the financial regulatory agencies on Friday, the American Bankers Association called for greater clarification on how banks may serve businesses dealing with hemp.
The 2018 Farm Bill offers bankers many new ways, not all of them intuitive, to help their customers.
In a statement for the record before today’s House Agriculture Committee hearing on the rural economy, ABA called on lawmakers to ensure farmers’ ongoing access to adequate credit by updating the U.S. Department of Agriculture’s guaranteed farm loan programs.
Heather Malcolm is a central Montana agricultural lender, but when she’s not on the bank, she works on her family’s cattle ranch, which allows her to stay closely in touch with the challenges faced by her loan customers.
Responding to a recent American Banker op-ed calling for the expansion of the Farm Credit System, Leonard Wolfe, president and chairman at United Bank and Trust in Marysville, Kan., said that any effort to do so would “fundamentally ignore the reality on the ground in agricultural lending today” and ultimately do little to help rural America.