The Justice Department has revoked prior guidance on enforcement of federal marijuana laws in states where the drug has been legalized, Attorney General Jeff Sessions said today in a memo to federal prosecutors.
On the latest episode of the ABA Newsbytes Podcast, Jeffrey Ball — president and CEO of Friendly Hills Bank, Whittier, Calif. — discussed several emerging issues in public policy — including banks’ role in financial innovation and protecting consumers, as well as the increasingly urgent need to address banking marijuana-related businesses.
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.
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.
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.
The four senators from Colorado and Oregon — the first two states to remove legal restrictions on recreational marijuana — yesterday introduced a bill intended to help state-licensed marijuana businesses access banking services in states that permit marijuana use and sale.