Browsing: Marijuana

Newsbytes

With state or local law in 29 states and the District of Columbia now permitting marijuana use for various purposes, a bipartisan group of 10 senators today asked the Financial Crimes Enforcement Network to issue additional guidance for financial institutions that provide indirect services to marijuana-related businesses.

Community Banking

Members of the Federal Reserve’s Community Depository Institutions Advisory Council — which includes several ABA member bank CEOs — raised concerns over the uncertain regulatory environment for innovation and bank-fintech partnerships and over growing regulations that directly harm the customer experience, according to minutes of the CDIAC’s last meeting released by the Fed.

Compliance

The federal banking agencies are having discussions with the Financial Crimes Enforcement Network about guidance on how financial institutions can serve marijuana-related businesses, an OCC official said today during a regulatory roundtable at the ABA Government Relations Summit.