Marijuana banking

Payments firms see green as more states legalize pot


One area of certainty in the 2020 election is the momentum for legalizing cannabis, as a string of ballot box victories makes it harder for banks to avoid working with dispensaries and other legal marijuana businesses.


One fix to the deluge of suspicious activity reports


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


Trump vs. Biden: What’s at stake for banks


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.


Election 2020: What GOP holding Senate would mean for financial services


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.


4 takeaways from Biden’s embrace of progressive banking policies


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 recommendations are more about electoral politics than pushing for real reforms.


6 key Senate races for bankers to watch


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.


Pot banking rules grow hazier during pandemic


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


Should banks fear a blue wave in November?


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 institutions would face long odds.


Pot banking measure revived in Dems' coronavirus relief package


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 long odds in the Republican-controlled Senate.


Virus focus further dashes banks’ hopes of pot banking, AML reform


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.