Browsing: Marijuana

Newsbytes

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.

Newsbytes

Fifty state bankers associations on Friday wrote to Senate Banking Committee leaders urging them to support the SAFE Banking Act, a bill that would provide a safe harbor for depository institutions seeking to serve legitimate cannabis-related businesses in states where such activity is legal.

Compliance and Risk

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.

Newsbytes

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.

Policy

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.

Newsbytes

The American Bankers Association joined a coalition of housing and insurance groups in a letter to Senate Banking Committee leaders today urging them to provide a safe harbor for depository institutions seeking to serve legitimate cannabis related businesses in states where such activity is legal.

Newsbytes

The Senate’s version of a cannabis banking bill could include additional measures not included in the SAFE Banking Act, which passed the House by a bipartisan vote this week, Senate Banking Committee Chairman Mike Crapo (R-Idaho) said on Thursday.

Newsbytes

In an interview with Bloomberg TV today, ABA President and CEO Rob Nichols commended House lawmakers for passing the bipartisan SAFE Banking Act—a bill that would enable banks to serve customers in states that have legalized cannabis—earlier this week and expressed optimism for the bill’s prospects in the Senate.

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