Marijuana banking

Members of both parties want to make it easier for legal cannabis businesses to access financial services, but myriad obstacles stand in the way of that goal.

A MAPS Credit Union executive told the House Financial Services Committee her institution is proof credit unions and banks can safely serve the legal weed space.

The Feb. 13 hearing marks a turning point in long-running efforts in Washington to ease banks and credit unions' fears about serving the cannabis industry.

The House Financial Services Committee will hold a hearing Feb. 26 on "holding credit bureaus accountable" — one of seven hearings scheduled by the panel for the month.

The Feb. 13 hearing marks a turning point in long-running efforts in Washington to ease bankers' fears about serving the cannabis industry.

Attorney General-nominee William Barr signaled this week he was not likely to crack down on financial institutions serving pot businesses, but even if he is confirmed and sticks with his assurance, the situation is far from resolved

Attorney General-nominee William Barr signaled this week he was not likely to crack down on financial institutions serving pot businesses, but even if he is confirmed and sticks with his assurance, the situation is far from resolved

Attorney General nominee William Barr said he disagrees with efforts by states to legalize marijuana but won't "go after" marijuana companies in states that have legalized it based on the Obama administration's policies.

Global Payout is providing software to the makers of point of sale hardware for the cannabis industry, integrating payment card processing with other business services common for dispensaries.

From anti-money-laundering reform to pot banking, there are deals to be had on financial services legislation. The question is whether anyone wants to make them.

With a divided Congress in place, policymakers will face challenges in passing major financial legislation this year. But there are still a number of core issues set to be debated.

As 2018 draws to a close, here's one more look at some of the year's most interesting stories and a glance at what 2019 may have in store for credit unions.

Legislators' attempts to reopen the government could hamper credit union advocacy priorities as the new Congress convenes.

A state-backed bank would not be financially feasible because capital requirements would be too high and it likely wouldn’t return profits to the state for at least 30 years, consultants concluded.

As more states permit medical or recreational use, and legal uncertainty persists at the federal level, CUs' decision whether to do business with marijuana firms is trickier than ever.

Hostilities toward the legal U.S. cannabis industry are softening considerably, with signs of further removing cash and digital workarounds from a market that has long been shunned by traditional payment cards.

Banks hoping to make working with the cannabis industry easier saw a positive sign this week when Congress removed the prohibition on a less potent substance.

Royal Bank of Canada's investment-banking division will advise on stock sales and arranging takeovers for companies in the marijuana industry, joining Bank of Montreal's BMO Capital Markets in serving an industry that didn't exist five years ago.

As Congress races to fund the government, a criminal justice reform bill could also include the STATES Act, which would provide safe harbor for credit unions serving the legal marijuana industry.

The financial industry is not expecting movement on a lot of legislation given a divided Congress, but one measure is beginning to attract widespread attention.