Bank Law Monitor

Bank Law Monitor

A Legal Blog for the Financial Services Industry

Tag Archives: Bank

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

Posted in Marijuana, 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 Marijuana, 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 Included in the rescinded memos was the prominent “Cole Memo,” which discouraged… Continue Reading