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.