Bank Law Monitor

Bank Law Monitor

A Legal Blog for the Financial Services Industry

Category Archives: Cannabis

Subscribe to Cannabis RSS Feed

At Long Last, FinCEN Offers Much Awaited Guidance Regarding BSA Due Diligence Requirements for Hemp Businesses

Posted in Banking, Cannabis, Trending News
Ever since Congress passed the 2018 Farm Bill and hemp was declassified under federal law as a Schedule I controlled substance, financial institutions have struggled with whether and how to bank the hemp industry. Many bankers simply feared that the distinction between legal hemp (which cannot contain more than 0.3 percent THC on a dry-weight… Continue Reading

Hemp-Banking Guidance Leaves a Lot of Questions

Posted in Cannabis
The financial services industry has been waiting with bated breath for guidance from its regulators on banking hemp and hemp-derivatives like CBD. On Tuesday, December 3, federal regulators issued a joint statement attempting to “provide clarity” on the issue. Unfortunately, that guidance had landed with a distinct thud. Rather than providing practical guidance to the… Continue Reading

The STATES Act—A Solution to the Cannabis Banking Problem on the Horizon?

Posted in Banking, Cannabis, Regulatory Developments
By Danielle Hunt, Kalin Bornemann, Olivia Grabacki, and Jessica Roberts As we previously discussed, financial institutions that offer financial services to the cannabis industry have been operating in a state of uncertainty in the wake of the rescission of the so-called “Cole Memo” earlier this year. Without the comfort of the Cole Memo, those financial… Continue Reading

Update: DOJ Rescinds the Cole Memo—FinCen Guidance Still in Effect, For Now…

Posted in Cannabis, Regulatory Developments
In the wake of the shift in federal marijuana enforcement policy, financial institutions have been left to speculate the risk in offering financial services to marijuana-related businesses. While the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued guidance in 2014 that laid out a process for financial institutions to open accounts for marijuana-related businesses,… Continue Reading

DOJ Rescinds the Cole Memo—What It Means for Your Financial Institution

Posted in Cannabis, Regulatory Developments
Reiterating that Congress considers marijuana to be a “dangerous drug” and marijuana activity to be a “serious crime,” Attorney General Jeff Sessions today issued a memo to all U.S. attorneys rescinding various memoranda related to enforcement of federal marijuana laws issued during the Obama administration. Included in the rescinded memos was the prominent “Cole Memo,” which discouraged… Continue Reading

The Tension Between Financial Institutions and Recreational Marijuana Businesses

Posted in Banking, Cannabis
To date, eight states and the District of Columbia have legalized recreational marijuana. As you might expect, there are countless key players and businesses involved in the marijuana supply chain, including producers, processors, transporters, retailers, and in some jurisdictions, distributors. In Washington State alone, total sales since the state’s legalization of recreational marijuana have exceeded… Continue Reading

Welcome to Bank Law Monitor: A Legal Blog for the Financial Services Industry

Posted in Auto Finance, Cannabis, CFPB, Compliance Resources, Credit Cards, Debt Collection, Mortgage Servicing, Overdrafts, Regulation AB, Regulatory Developments, TILA/RESPA, Trending News, UDAAP
Welcome! Graham & Dunn’s Financial Services team is pleased to announce the launch of Bank Law Monitor, a legal blog for the financial services industry. Bank Law Monitor will analyze regulatory developments, report on significant news and market trends, and monitor upcoming regulatory changes that impact the financial services industry. Our goal is to help… Continue Reading