Marijuana banking

A bill recently introduced in the California state assembly would create a framework for local governments to set up their own taxpayer-owned banks. It’s more specific than other public-bank proposals, which raised more questions than they answered, but still faces long odds.

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Mainstream firms are joining the push to let cannabis firms use banks; the companies say they can help banks make lending decisions quicker.

The House Financial Services panel is considering legislation making it illegal for a federal regulator to penalize banks that accept FDIC-insured deposits from a legal marijuana business.

After six years, Rep. Ed Perlmutter tells American Banker he is finally seeing some traction on his legislation to allow banks to serve legal marijuana businesses.