American Feds May Remove Marijuana Banking Protections, Treasury Department Says

Article by Tom Angell, Forbes

Feds May Remove Marijuana Banking Protections, Treasury Department Says

The Trump administration is considering removing Obama-era guidance that has allowed banks to open accounts for marijuana businesses without running afoul of federal regulators.

Last month, U.S. Attorney General Jeff Sessions rescinded a broader policy from the former administration that has generally cleared the way for states to implement their own cannabis laws without Justice Department interference.

Now, the federal government may move to make it harder for cannabis industry operators who comply with state laws to store their profits with financial institutions.

“We are reviewing the [banking] guidance in light of the Attorney General’s announcement and are consulting with law enforcement,” Drew Maloney, the U.S. Treasury Department’s assistant secretary for legislative affairs, wrote in a letter to members of Congress on Wednesday.

The letter is a response to a bipartisan group of 31 House members that had written the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) last month asking the agency to continue the cannabis banking guidance. Fifteen senators separately sent a similar letter.

Read full article here.

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