• fincen guidance banks hemp businesses

FinCEN Provides Guidance for Banks Working with Hemp-Related Customers

By |July 29th, 2020|

Financial institutions received the OK to work with hemp in recent years, but it is largely unchartered territory for many banks and credit unions. The Financial Crimes Enforcement Network (FinCEN) recently issued guidance to financial institutions on how to best work with hemp businesses and stay within the law. Hemp-related businesses can now work with

  • fewer banks working with cannabis businesses fincen report

Number Of Banks Serving Cannabis Businesses Declines, Federal Data Shows

By |July 9th, 2020|

Fewer banks reported that they worked with cannabis-related businesses in the latest report from Financial Crimes Enforcement Network (FinCEN), but it’s not clear why. FinCEN suggested in its report that this short-term decline could be because financial institutions are exceeding the 90-day requirement for filing suspicious activity reports (SARs). Banks must file SARs when working

  • Attorneys General Urge Congress To Pass Marijuana Banking Reform

Attorneys General Urge Congress To Pass Marijuana Banking Reform

By |June 9th, 2020|

People in the cannabis industry aren’t the only ones who want to see banking access opened up -- attorneys general from 34 U.S. states and territories have sent an urgent message to Congress to make it happen. Calling the status quo “an untenable situation,” the attorneys general signed a letter in favor of the Safe

  • marijuana banking access coronavirus relief bill

Marijuana Banking Access Provisions Included in Coronavirus Relief Bill

By |May 26th, 2020|

Long-awaited banking regulations for cannabis looked unlikely to pass, but the newest coronavirus relief bill may be able to bring it across the finish line. The Secure and Fair Enforcement (SAFE) Banking Act has been in the works since last year and actually made historic progress by passing the House of Representatives but seemed to

Colorado Congressman Seeking Inclusion of Cannabis Banking Provisions in Future COVID-19 Relief Bill

By |May 9th, 2020|

Cannabis represents a mutli-billion dollar industry and thousands of jobs in the U.S. but is excluded in all crisis responses, including COVID-19.  The pandemic has impacted every industry and the economy as a whole. Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to offer support to U.S. businesses as shelter-in-place orders impacted

  • coronavirus stimulus bill cannabis businesses

Cannabis Companies Not Covered By Latest COVID-19 Stimulus Bill

By |April 24th, 2020|

Every facet of the economy has felt the impact of the novel coronavirus (COVID-19) but one industry was specifically left out of the relief bill: cannabis.  Congress passed a bill to implement the Payment Protection Program, a federally funded program that the Small Business Administration would offer what are initially loans to companies to cover

  • cannabis bank accounts reported reduced hemp rules

Number Of Banks Accounts Reported For Cannabis Business Clients Reduces Following Change In Hemp Rules

By |April 9th, 2020|

Federal regulators updated their rules around hemp-related businesses recently and banks have taken notice, with more banks transitioning to the new hemp rules and filing fewer suspicious activity reports (SARs). This is good news for banks that have been tip-toeing around regulators with every cannabis- and hemp-related business account. They have been able to ramp

  • federal reserve hemp banking

Federal Reserve Issues Reminder That Banks Can Work With Hemp Businesses

By |March 24th, 2020|

Financial institutions have been cleared to work with hemp businesses, and the Federal Reserve Bank set out recently to remind the banking industry of this.  Though banks had been given the green light to work with hemp-related businesses in late 2019,  they haven’t been flocking to support this industry yet. Hemp businesses were treated exactly