Several firms are touting tools to help financial institutions bank legal marijuana-related businesses, an industry expected to yield $10 billion in retail sales this year.
Aurora Cannabis in Edmonton, Alberta, said it recently agreed to a $150M term loan and a $50M line of credit from Bank of Montreal, the largest traditional bank investment into the marijuana industry to date.
With more permanent fixes not yet gaining enough traction, recent attempts to clarify marijuana banking rules through appropriations are also falling flat.
How the big banks fared in the Fed's latest round of stress testing; what's on new FDIC chair Jelena McWilliams' plate; why banks' biggest risk factor may be employees who don't speak up; and more from this week's most-read stories.
In her first speech as chairman, Jelena McWilliams signaled a focus on reviewing old policies, speeding up decisions on new bank applications and helping banks navigate marijuana laws.
Wells Fargo on the receiving end of USAA's long-standing intellectual property threat; millions are mad about Erica, Bank of America's virtual assistant; relief may be in reach for bankers fed up with SARs; and more from this week's most-read stories.
Readers respond to a bill designed to modernize the anti-money-laundering rules, applaud the acting head of the CFPB’s decision to fire the members of the bureau’s advisory councils, opine on when a bank ought to communicate it has been hacked and more.
Whether banks knowingly work with marijuana businesses or not, they face risks as long as there are no federal clear guidelines in place. Congress must fix this.
