Marijuana banking

In a break with his own Justice Department, President Trump suggested Friday he would sign a bill co-authored by Sen. Elizabeth Warren to protect financial institutions that help legal marijuana businesses.

California lawmakers have voted to authorize the establishment of state-chartered banks for the limited purpose of serving the marijuana industry.

Rob Paterson didn't seem to fit the script of a go-to banker for the pot industry — he barely drank and hadn't smoked a joint since his university days. But three years since taking on his first marijuana customer, that's just what the CEO of Alterna Savings & Credit Union has become.

Only North Dakota has its own state-owned bank, but policymakers in other states say more public banks are necessary to fully meet society's needs. Among those who proponents say would benefit the most: small-business owners and legal marijuana suppliers and distributors.

As financial institutions find themselves at the center of political fights on topics like energy financing, marijuana and guns, they should avoid caving in to activist demands.