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.
The Financial Crimes Enforcement Network and other regulatory agencies confirmed that the recent legalization of the substance eases banks' anti-money-laundering requirements.
The 2020 elections and a potential new chair of the Senate Banking Committee in the next Congress could put a deadline on passage of a bill to ease a key anti-money-laundering requirement for banks.
Senate leaders say they're ready to consider appointees to fill vacancies at the two regulatory agencies, if only the White House would send over their names.
The Government Accountability Office determined that three Obama-era letters from the central bank related to large-bank supervision should have been submitted for congressional review.
The Senate Banking Committee chairman said he wants to revise legislation enabling banks to serve marijuana businesses to ensure it does not benefit vaping providers that have sparked safety concerns.
As Banking Committee Chairman Mike Crapo works on legislation enabling banks to serve cannabis businesses, one area of focus is combating risks tied to “legacy cash” that has accumulated in the marijuana industry.
