Marijuana banking

Wells Fargo isn't making a political statement, it's following the rules. So goes the bank's response to backlash over terminating a pro-medical marijuana politician's banking relationship because of her advocacy and contributions from industry lobbyists.

The bank said the candidate planned to accept money from the medical marijuana industry; the crash in digital currency prices’ long-term consequences.

A Florida politician who has run a pro-medical marijuana campaign said Wells Fargo closed her account over her ties to the industry, adding that the incident was an example of the challenges legal cannabis businesses face from the U.S. financial system.

Because the legal cannabis industry is typically considered too high-risk for most banks and payment processors to work with, most technology solutions are designed to duplicate the familiar process of paying by card.

Banks and marijuana dispensaries are getting closer to having a more cohesive relationship. But not close enough to bring cannabis sellers out of the high-risk category.

Seeing an opportunity to address the multi-billion dollar cannabis industry’s needs for payments processings, Zodaka is launching with a system that focuses more on price than process.

Federal bank regulators consider roughly a dozen new rules; firms tout tools to help financial institutions bank legal marijuana-related businesses; Mick Mulvaney defends CFPB enforcement powers; and more from this week's most-read stories.

Readers respond to Mulvaney's changes to the CFPB's consumer board, weigh a proposal regarding fair lending, react to adoption of pot banking regtech and more.

Several firms are touting tools to help financial institutions bank legal marijuana-related businesses, an industry expected to yield $10 billion in retail sales this year.

First Green Bank in Florida had to stop holding deposits for licensed marijuana sellers as a condition of making a deal.

Starbucks achieved rapid adoption of its mobile card app by building it on top of the highly successful Starbucks closed-loop gift card. Such a model could also apply to the cannabis market, which is largely shunned by mainstream banks and card networks.

Aurora Cannabis in Edmonton, Alberta, said it recently agreed to a $150M term loan and a $50M line of credit from Bank of Montreal, the largest traditional bank investment into the marijuana industry to date.

With more permanent fixes not yet gaining enough traction, recent attempts to clarify marijuana banking rules through appropriations are also falling flat.

Jan Lynn Owen works at the epicenter of the digital revolution, but she is unambiguously cautious about the fintech industry.

How the big banks fared in the Fed's latest round of stress testing; what's on new FDIC chair Jelena McWilliams' plate; why banks' biggest risk factor may be employees who don't speak up; and more from this week's most-read stories.

During NAFCU’s annual conference, a panel of experts highlighted some of the legal and regulatory changes that may still be in store for credit unions.

In her first speech as chairman, Jelena McWilliams signaled a focus on reviewing old policies, speeding up decisions on new bank applications and helping banks navigate marijuana laws.

Wells Fargo on the receiving end of USAA's long-standing intellectual property threat; millions are mad about Erica, Bank of America's virtual assistant; relief may be in reach for bankers fed up with SARs; and more from this week's most-read stories.

Readers respond to a bill designed to modernize the anti-money-laundering rules, applaud the acting head of the CFPB’s decision to fire the members of the bureau’s advisory councils, opine on when a bank ought to communicate it has been hacked and more.

Alt Thirty Six is making its digital payment platform focused on the cannabis industry available to the wholesale network of CannTrade, a partnership the companies say will eliminate the need for using cash.