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The Federal Reserve Board voted 6-1 on Friday to seek public comment on a proposed "skinny" master account.
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The Dallas bank turned down another offer because it thought it could get a higher price from Fifth Third, and also could ink an agreement faster, according to Comerica's latest regulatory filing.
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The payment fintech is marketing technology that lets merchants sell through AI agents; Google adds a credit card for India's national real-time payment rail. That and more in American Banker's global payments and fintech roundup.
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The megabank cleared a regulatory hurdle when the Office of the Comptroller of the Currency freed it from a July 2024 amendment to a consent order. Two other orders, one from the OCC and the other from the Federal Reserve, remain in place.
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Moving cannabis from a Schedule I to a Schedule III drug would not legalize cannabis or remove all barriers to cannabis banking, but it would allow operators to write off expenses, increase cannabis customer cash flow and eligibility for favorable loans.
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The Federal Reserve said in a statement that its "understanding of innovation products and services have evolved" since the initial guidance was published in 2023.
