Marijuana banking

Whether banks knowingly work with marijuana businesses or not, they face risks as long as there are no federal clear guidelines in place. Congress must fix this.

Despite bipartisan support, the latest congressional effort to enable the legal marijuana industry's access to the banking system still faces plenty of roadblocks.

In a break with his own Justice Department, President Trump suggested Friday he would sign a bill co-authored by Sen. Elizabeth Warren to protect financial institutions that help legal marijuana businesses.

The bipartisan legislation would enable business in legal-marijuana states to access banking services, removing a key hurdle for a fast-growing industry.

California lawmakers have voted to authorize the establishment of state-chartered banks for the limited purpose of serving the marijuana industry.

One credit union analyst said CUs that choose to stay away from legal marijuana banking could be inhibiting their own potential for growth.

U.S. credit card issuers are already caught in the middle of intense debates over guns, marijuana and cryptocurrencies. Gambling on sports is next.

Even though legalized cannabis and cryptocurrency payments are still vexing markets by themselves, WebJoint and Alt Thirty Six are quickly looking to take their combined dispensary play to other businesses.

U.S. credit card issuers are already caught in the middle of intense debates over guns, marijuana and cryptocurrencies. Gambling on sports is next.

As the cannabis industry has inched toward legitimacy, it hasn't abandoned its roots. And that includes the infamous pot smokers' "holiday," April 20.

Despite a shaky start to 2018, several experts in marijuana banking insist that there are opportunities available for credit unions that want to get involved in a potentially lucrative market.

Rob Paterson didn't seem to fit the script of a go-to banker for the pot industry — he barely drank and hadn't smoked a joint since his university days. But three years since taking on his first marijuana customer, that's just what the CEO of Alterna Savings & Credit Union has become.

A BankThink argues that Treasury's GSE cash infusions are just the return of stolen money; MUFG wants its Union Bank to be one of the nation's 10 largest; fintech promises a 30-minute mortgage; and more.

Northwest CU Association hails victory in all three of the states it represents, including an update to Idaho's Credit Union Act, as well as bills related to data security and municipal deposits.

Only North Dakota has its own state-owned bank, but policymakers in other states say more public banks are necessary to fully meet society's needs. Among those who proponents say would benefit the most: small-business owners and legal marijuana suppliers and distributors.

Attorney General Jeff Sessions made headlines in January when he tightened federal marijuana enforcement. But the good news for financial institutions looking to service the pot industry is that the rest of the government has responded with a shrug.

As financial institutions find themselves at the center of political fights on topics like energy financing, marijuana and guns, they should avoid caving in to activist demands.

As financial institutions find themselves at the center of political fights on topics like energy financing, marijuana and guns, they should avoid caving in to activist demands.

As financial services companies cool on gun sales, alternative currencies may step in to pick up the slack.

Readers weigh in on the idea of using banks to effectively ban assault rifles, slam a pot-banking proposal, opine on social media strategies and more.