California Committee Approves Bill to Establish Marijuana Banks and Credit Unions

Legislation that would allow for the creation of a special class of state-chartered banks and credit unions that could service California’s legal marijuana industry has been passed by a key Senate committee.

Filed by Senator Robert Hertzberg (D), Senate Bill 930 was passed recently by the Senate Banking and Financial Institutions Committee in a 6 to 1 vote, sending it to the Senate Appropriations Committee. Passage in the Appropriations Committee would send it to the full Senate. If passed by the Senate, and then the House of Representatives, it would go to Governor Jerry Brown for final consideration.

The proposed law would allow for the creation of special state-chartered banks and credit unions that could legally process transactions by licensed marijuana businesses. These “marijuana banks” would be regulated by the Department of Business Oversight.

Read moreCalifornia Committee Approves Bill to Establish Marijuana Banks and Credit Unions

WA: House Judiciary Committee Approves Measure Explicitly Allowing Financial Institutions to Work with Marijuana Industry

A Washington bill to give explicit permission to financial institutions to provide services to licensed marijuana businesses has been approved by the state’s House Judiciary Committee.

The bipartisan House Bill 2098 was filed by Representative David Sawyer (D), and is cosponsored by Representatives Brandon Bick (R), Steve Kirby (D) and Cary Condotta (R). The measure “Provides immunity from state criminal prosecution to a financial institution providing financial services to licensed marijuana businesses and qualifying patients, health care professionals, and providers under medical marijuana laws.”

For purposes of the bill, “financial institution” is defined as “a bank, trust company, mutual savings bank, savings and loan association, or credit union authorized to do business and accept deposits in Washington under state or federal law. Financial institutions are generally regulated by the Department of Financial Institutions.”

Read moreWA: House Judiciary Committee Approves Measure Explicitly Allowing Financial Institutions to Work with Marijuana Industry

E-mail Leak Reveals Clinton’s Marijuana Debate Prep, in Support of Marijuana Banking

A new Wikileaks e-mail leak shows how presidential candidate Hillary Clinton was prepared to respond to certain marijuana-related questions in the most recent debatedeb, including her position on whether banks should be allowed to do business with marijuana companies. The e-mails were part of a hack of John Podesta, Clinton’s campaign chair.

One of the e-mails states:

“If pressed: what about marijuana banking restrictions – should we let marijuana businesses access banking services?

• I do think these businesses – if they are operating in according with state law, and with federal guidelines – should be able to access banking services. I know that the Obama Administration has taken steps in this direction, and I think those steps are smart.

Read moreE-mail Leak Reveals Clinton’s Marijuana Debate Prep, in Support of Marijuana Banking

U.S. Senate Appropriations Committee Passes Proposal to Allow Cannabis Banking

cannabis bankingThe U.S. Senate Appropriations Committee today gave approval to an amendment that would allow banks to provide services to cannabis businesses that are legal under their state’s law. The amendment, put forth by Senator Jeff Merkley (D-OR), was made to the Financial Services and General Government Appropriations bill.

The amendment would prevent government entities from spending any federal funds to prohibit or penalize banks and other financial institutions for providing services to cannabis businesses that are legal under state law. Currently most legal cannabis businesses are cash-only, as banks have been unwilling to work with them under fear of the federal government getting involved.

Read moreU.S. Senate Appropriations Committee Passes Proposal to Allow Cannabis Banking

U.S. Senate’s Top Democrat Signs Bill to Allow Cannabis Banking

Marijuana Businesses Access to Banking ActSenate Minority Leader Harry Reid (D-Nevada) has signed on as a cosponsor to legislation that would allow legal cannabis businesses to gain access to federal and state banking systems.

The Marijuana Businesses Access to Banking Act, which was introduced by Senator Jeff Merkley, would allow cannabis businesses that are legal under their state’s law to access banking systems, giving banks immunity from federal prosecution if they decide to work with such businesses.

Read moreU.S. Senate’s Top Democrat Signs Bill to Allow Cannabis Banking

U.S. Senate Committee Approves Measure to Allow Banks to Provide Services to Cannabis Businesses

cannabismoney1The United States Senate Appropriations Committee has approved a measure that would ensure cannabis businesses that are legal under state law have access to banking services.

The amendment, sponsored by Senator Jeff Merkley (D-OR) and added to the Financial Services and General Government Appropriations bill, would prohibit the Treasury Department and its enforcement arm, the Financial Crimes Enforcement Network, from using federal funds to punish banks that provide financial services to cannabis businesses that are operating legally under state laws.

Read moreU.S. Senate Committee Approves Measure to Allow Banks to Provide Services to Cannabis Businesses

Legislation to Allow Banks to do Business with Cannabis Outlets Filed in U.S. House

Unitedcannabismoney State Representatives Ed Perlmutter (D-CO) and Denny Heck (D-WA), along with a bipartisan group of 16 other lawmakers, introduced House Resolution 2076 today, a proposal to allow cannabis businesses to access the banking system if following state law.

The bill – which is titled the Marijuana Businesses Access to Banking Act of 2015 – would update federal banking laws and regulations to protect banks from federal persecution if they decide to do business with cannabis outlets (whether recreational or medicinal) that are following their state’s law.

Read moreLegislation to Allow Banks to do Business with Cannabis Outlets Filed in U.S. House

Colorado Division of Financial Services Grants Charter to Credit Union for Cannabis Industry

By Associated Press

DENVER, CO — Colorado has granted a charter for the first financial institution to serve its cash-only marijuana industry.colorado

However, before it can open permanently for business, action is also required by the National Credit Union Administration and Federal Reserve.

The Colorado Division of Financial Services issued the charter Wednesday to The Fourth Corner Credit Union, which could open in January, The Denver Post reported Thursday.

The charter is a step toward resolving a significant problem for the industry, which generally is unable to obtain traditional banking services. As a result, dispensaries frequently transport cash – a crime risk – and use currency to pay employees, expenses and taxes.

Read moreColorado Division of Financial Services Grants Charter to Credit Union for Cannabis Industry