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