Initiating a Hemp Banking Program
The risk profile of the CBD business for banks may be compounded by a number of factors.
Browsing: Hemp
ABA Data Bank: Emerging Interest in Hemp, Alternative Energy Financing
Are your customers inquiring more about financing hemp production or alternative energy projects such as solar panels on the farm? From a new ABA/Farmer Mac survey.
FinCEN Issues BSA/AML Guidance on Hemp-Related Businesses
The Financial Crimes Enforcement Network today issued guidance for financial institutions on how they can conduct due diligence on hemp-related businesses and on what types of information and documentation they may be required to collect from these businesses to comply with Bank Secrecy Act requirements.
ABA, Groups Urge Crapo to Advance Cannabis Banking Bill
The American Bankers Association joined more than a dozen industry and advocacy trade organizations in a letter to Senate Banking Committee Chairman Mike Crapo (R-Idaho) today urging him act swiftly to advance the SAFE Banking Act, which would provide a safe harbor for depository institutions seeking to serve legitimate cannabis-related businesses in states where such activity is legal.
USDA to Delay Certain Requirements for Industrial Hemp Producers
The Department of Agriculture announced last week that it will delay the enforcement of certain requirements of a December 2019 interim final rule for industrial hemp producers.
What Compliance Needs to Know About Hemp
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.
ABA Calls for Transparency on Hemp Licenses, Flexibility on THC Test
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.
House Members Caution Crapo on Changes to Cannabis Bill
The four bipartisan lead sponsors of the SAFE Banking Act—passed by the House last fall—yesterday wrote to Senate Banking Chairman Mike Crapo (R-Ohio) cautioning him not to limit the bill’s safe harbor for financial institutions that choose to serve legitimate cannabis businesses in states where it is legal.
ABA Addresses Crapo’s Concerns about Cannabis Banking Bill
After Senate Banking Committee Chairman Mike Crapo (R-Idaho) raised concerns last month about the ABA-supported SAFE Banking Act, ABA today responded to those concerns and urged him to advance the SAFE Banking Act or similar legislation on cannabis banking this year.
Banking Agencies Issue ABA-Urged Guidance on Hemp Banking
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.