Marijuana banking

The Senate Banking Committee chairman said he opposed a House bill that would give financial institutions legal cover to serve cannabis businesses.

Banks will not have to file reports on customers just because they're in the hemp business; making it easier for people with no credit history to get loans.

The Financial Crimes Enforcement Network and other regulatory agencies confirmed that the recent legalization of the substance eases banks' anti-money-laundering requirements.

New data analytics could help provide more comfort to banks in doing business with the cannabis industry, despite restrictive federal laws.

Bankers had worried about Rep. Maxine Waters' control of the Financial Services Committee, but many now say the Democrat’s working relationship with the panel’s top Republican is refreshing.

New data analytics could help provide more comfort to banks in doing business with the cannabis industry, despite restrictive federal laws.

The Senate Banking Committee chairman said he wants to revise legislation enabling banks to serve marijuana businesses to ensure it does not benefit vaping providers that have sparked safety concerns.

As Banking Committee Chairman Mike Crapo works on legislation enabling banks to serve cannabis businesses, one area of focus is combating risks tied to “legacy cash” that has accumulated in the marijuana industry.

A new law authorizes municipalities in the nation’s largest state to charter their own financial institutions to reinvest public funds into the community.

Officials said Thursday that they will not take regulatory action against state-chartered banks and credit unions solely for serving licensed cannabis businesses.