Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
Qualified Mortgage - Qualified Residential Mortgage
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Deposit Insurance
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Wednesday, March 16, 2016

Agencies Working with FinCEN on Marijuana Banking Guidance

The federal banking agencies are having discussions with the Financial Crimes Enforcement Network about guidance on how financial institutions can serve marijuana-related businesses, an OCC official said during a regulatory roundtable at the ABA Government Relations Summit.

“I would just say that we are engaged in discussions with FInCEN around these difficult questions,” said Darrin Benhart, deputy comptroller for supervision risk management at the OCC. He said that there is “no easy answer,” and senior officials at the Federal Reserve and the FDIC said they are also in conversation with FinCEN.

Marijuana businesses in states that have legalized the drug – and where federal laws banning marijuana have not been enforced – have found it difficult to obtain banking services, since depository institutions are obliged to follow federal laws. ABA has expressed concern that FinCEN’s previous guidance on submitting marijuana-related Suspicious Activity Reports is not sufficient to overcome the legal risks of serving marijuana businesses.

Read more.

1 comment:

Robert F. Crocker said...

Good website! I truly love how it is easy on my eyes it is. I am wondering how I might be notified whenever a new post has been made. I have subscribed to your RSS which may do the trick? Have a great day!
Company Formation Singapore

Post a Comment

Please read our comment policy before making a comment.