While a bipartisan bill that would pave the way for financial institutions to bank marijuana picks up steam, panels in the U.S. House and Senate are defeating measures and amendments that are essentially attempting to do the same thing.
In January, when U.S. Attorney General Jeff Sessions rescinded the Cole Memo, Obama-era guidance that said the federal government would not interfere with states that legalized marijuana, many feared most financial institutions currently banking or considering banking marijuana businesses would get cold feet.
The banking industry is the most likely to be negatively impacted if it does not embrace digital transformation, a new report has found.
The state of Massachusetts hasn’t seen a de novo bank application in roughly a decade, largely because the state’s 124 resident banks have created a market categorized by fierce competition.
With only a few months before recreational sales debut in the commonwealth, potential options for banking marijuana are still largely unknown.
The head of the Massachusetts Cannabis Control Commission last week called for the establishment of a state-run financial institution to bank marijuana deposits – an eminently sensible and practical suggestion.
The state’s top marijuana official is floating the idea of a state-run financial institution to bank marijuana deposits.
While U.S. Attorney General Jeff Sessions is making it harder to bank marijuana deposits, U.S. Treasury Secretary Steven Mnuchin appears much more receptive to the idea.
Opioid crimes are his top drug enforcement priority, but U.S. Attorney Andrew Lelling told reporters Wednesday that his enforcement of federal marijuana laws could ensnare anyone from an hourly wage employee at a marijuana dispensary to a bank that opens an account for a pot shop.
Robotics and intelligent automation continue to be hot topics inside financial institutions, primarily due to the promise of quick cost efficiencies. While there are certainly rapid topline benefits to be gained, the real opportunity for organizations to drive value is through a holistic approach.
The Dodd-Frank Act has been characterized as the financial industry’s version of the PATRIOT Act – drafted in a time of trauma. Now the nation’s financial sector is out of the ICU and into recovery and the next step will be to discharge it back home. But what, exactly, constitutes “home?”
Thomas Sharkey wanted to be a banker his whole life, ever since accompanying his father to the local bank in Lowell as a young boy. Sharkey has realized his dream, spending more than 40 years in banking, including two stints as interim president and CEO of Martha’s Vineyard Savings Bank.
President Donald Trump’s review of post-crisis banking rules could sound the death knell for new global standards now being finalized and rip apart a common approach to regulating international lenders, bankers and regulators said.
Banking industry profits rose in the third quarter and community banks enjoyed a particularly profitable period, even as regulators cautioned bankers about credit risk and reaching for yield in a persistently low interest rate environment.