Treasury Secretary Tells Committee He Supports Canna-Business Banking Access

In testimony to the House Financial Services Committee, Treasury Secretary Steven Mnuchin said he supports allowing canna-businesses access to banks, according to a Forbes report, adding that the department is “reviewing the existing guidance” and doesn’t want to rescind it without having a new policy in place. “I assure you that we don’t want bags […]

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19 Attorney Generals Send Letter to Congress Asking for Cannabis Banking Protection Legislation

Attorney generals from 17 states, Washington, D.C., and Guam have sent a letter to members of Congress urging them to “advance legislation that would allow states that have legalized medical or recreational use of marijuana to bring that commerce into the banking system” following Attorney General Jeff Sessions’ move to rescind the Cole Memo protections. […]

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Report: FinCEN Not Consulted on Sessions’ Cannabis Policy Change

According to a report from Reuters, regulators at the federal Financial Crimes Enforcement Network (FinCEN) were not informed about Attorney General Jeff Sessions’ cannabis policy change but FinCEN spokesperson Stephen Hudack said the agency’s 2014 guidance “remains in place.” According to September 2017 data from FinCEN more than 300 banks and nearly 100 credit unions […]

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FinCEN Counts 400 Financial Institutions Providing Services to Cannabis Industry

According to September 2017 data from the federal Financial Crimes Enforcement Network (FinCEN), more than 300 banks and nearly 100 credit unions are providing services to cannabis-related businesses. The number of institutions doing business with the sector has been steadily increasing since the second quarter of 2014. According to the data — first reported by […]

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