News Topic: Marijuana banking

Financial institutions and authorities could better track money launderers if legalized-marijuana-related businesses were not included in SARs. ... Read full article

The future of Fannie Mae and Freddie Mac, the Fed’s supervisory regime for the biggest financial institutions, reform of the Community Reinvestment Act and a host of other industry-related issues are on the ballot this November. ... Read full article

Legislation favorable to the industry would be unlikely to pass in a divided Congress, but the biggest benefit for banks and credit unions of Republicans retaining control of the chamber would be defending against the disruption of a Democratic blue wave. ... Read full article

The Democrats’ presumptive presidential nominee called for a public credit reporting agency and for the Postal Service to offer financial services, among other proposals issued through a unity task force with Bernie Sanders. But analysts suggest the ... Read full article

Several Senate Banking Committee members from both parties are facing tough reelection challenges in a year when control of the entire chamber — and the banking policy agenda — may be up for grabs. ... Read full article

Bankers have become more uncertain about how to serve marijuana businesses owing to confusion about which states deem them essential. ... Read full article

If Democrats retake both the White House and Senate in the 2020 election, analysts see threats to the industry from the appointment of new regulators and possible reversal of Trump-era deregulation. But legislation imposing new rules on financial ... Read full article

The proposal would give a safe harbor to financial institutions that work with cannabis companies in states where the substance is legal. But the bill, which would direct $3 trillion in aid to struggling households, businesses and local governments, faces ... Read full article

Financial institutions’ legislative agenda was already a low priority in Congress. Lawmakers’ efforts to stabilize the economy have shifted attention even farther away from bills that would benefit the industry. ... Read full article

The pot banking bill is a long shot after recent criticism by the Senate Banking chairman, but bankers are trying a new argument in a last-ditch effort to sway lawmakers. ... Read full article

The window to change beneficial-ownership rules or pass other measures will be narrow, but some legislative efforts from 2019 will carry over and House Democrats will resume inquiries of certain industry CEOs and Trump-appointed regulators. ... Read full article

Sen. Mike Crapo delivers a crushing blow to pot banking efforts; the CFPB draws notice for its lack of fair lending enforcement; Rep. Maxine Waters says she will call on Wells Fargo board to testify next year; and more from this week's most-read ... Read full article

The FDIC was reluctant to sign off on the merger of Summit Bancshares and Faciam Holdings because the company planned to serve marijuana-related businesses. ... Read full article

After Senate Banking Committee Chairman Mike Crapo poured cold water on legislation enabling banks and credit unions to serve the marijuana industry, several key supporters of the effort are pushing back. ... Read full article

The Senate Banking Committee chairman said he opposed a House bill that would give financial institutions legal cover to serve cannabis businesses. ... Read full article

Banks will not have to file reports on customers just because they're in the hemp business; making it easier for people with no credit history to get loans. ... Read full article

The Financial Crimes Enforcement Network and other regulatory agencies confirmed that the recent legalization of the substance eases banks' anti-money-laundering requirements. ... Read full article

Bankers had worried about Rep. Maxine Waters' control of the Financial Services Committee, but many now say the Democrat’s working relationship with the panel’s top Republican is refreshing. ... Read full article