Congressional Hearing on Marijuana Banking Services
On February 13, 2019, the U.S. House Committee on Financial Services will hold a hearing titled “Challenges and Solutions: Access to Banking Services for Cannabis Related Businesses.” The hearing is in part a result of the House now being controlled by the new Democratic majority. With so much uncertainty surrounding if and how marijuana related businesses can obtain banking services from financial institutions, the hearing is thought to be a step towards providing clarity. There is growing pressure and wide spread support to allow banks and credit unions to provide account services to the marijuana industry.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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