News & Analysis as of

Marijuana Related Businesses Banks Suspicious Activity Reports (SARs)

Ballard Spahr LLP

32 Attorneys General call for enactment of marijuana banking legislation

Ballard Spahr LLP on

Thirty-two attorneys general representing states, territories and Washington, D.C. are asking Congress to pass legislation to provide financial institutions a safe harbor if they provide services to marijuana-related...more

Nutter McClennen & Fish LLP

Bank Report: December 2019

FDIC and OCC Propose CRA Modernization Rule with Opt-Out for Small Banks The FDIC and the OCC have jointly proposed amendments to modernize the agencies’ Community Reinvestment Act (“CRA”) regulations, which are intended...more

Ballard Spahr LLP

Banking Regulators Ease SAR Reporting Requirements Applied to Hemp-Related Businesses

Ballard Spahr LLP on

On December 3, 2019, four federal agencies – the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”), the Financial Crimes Enforcement Network (“FinCEN”), and the Office of the...more

Lowndes

Long-Awaited Guidance for Banking Hemp Clients Released

Lowndes on

Since the effective date of the 2018 Farm Bill, banking and the inability to acquire financing have been major impediments for the hemp industry. While demand for hemp continues to grow, banking regulations have still been...more

McAfee & Taft

Massachusetts credit union takes plunge into banking marijuana-related businesses

McAfee & Taft on

While the vast majority of U.S. banks and credit unions have opted not to offer banking services to marijuana-related businesses (MRBs) due to the significant legal and financial risks involved, one credit union in...more

Foster Garvey PC

Banking for Marijuana Businesses on the Rise

Foster Garvey PC on

The Financial Crimes Enforcement Network (“FinCen”) issued a Marijuana Related Business update in June with data from the first quarter of 2017. FinCen reports that the number of depository institutions that are actively...more

K2 Integrity

State Ballot Wins Only Amplify Questions About Pot Banking

K2 Integrity on

The 2016 election will be remembered not only for the memorable presidential race but also for what was effectively a national referendum on cannabis. Eight states passed laws allowing its use. Medical marijuana is now...more

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