From HMDA to CRA and from fair lending to anti-money laundering, 2019 promises to be a busy year in the world of compliance.
With cannabis now legal in 33 states and the District of Columbia, an overwhelming number of banks – 99 percent, according to a recent ABA survey — want Congress to take action to address the gap between state and federal law that prevents banks from serving marijuana-related businesses in states that have legalized the drug.
With the House Financial Services Committee set to hold a hearing tomorrow on the challenge of banking marijuana-related businesses, ABA today submitted a statement for the record urging Congress to resolve the legal conflict that inhibits banks from serving MRBs operating legally at the state level.
Two-thirds of Americans live in a state, plus the District of Columbia and two territories, with some form of legalized cannabis.
Setting ABA’s government relations agenda for 2019.
Comptroller of the Currency Joseph Otting said today that he hopes that the current conflict between state and federal laws that inhibits banks from serving cannabis-related businesses will be resolved by 2020.
ABA President and CEO Rob Nichols appeared on Kevin Cirilli’s Bloomberg Radio show yesterday to discuss the legislative outlook for the banking industry in the 116th Congress
For an industry caught between state and federal law, a change can’t come soon enough.
As more and more states legalize the use and sale of marijuana, more and more banks are finding themselves caught between the pincer of local needs and federal law.