banking and marijuana

Lawmakers Vote Down Marijuana Banking Measures

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.

FIs Still in Limbo

In January, when U.S. Attorney General Jeff Sessions rescinded the Cole Memo, Obama-era guidance that said the federal government would not interfere with states that legalized marijuana, many feared most financial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.

Banking ‘Dirty’ Money

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.

Winning with Robotics

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.

Stepping Back From Dodd-Frank

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

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.

B&T Catches Up With Salem Five CEO On Georgetown Deal

When news of Salem Five’s latest deal broke last week, I was out of the office* and unable to reach the bank’s leadership for a comment immediately. We wrote the story, of course, but I always like to get a little extra commentary about why a particular merger or acquisition was attractive. Fortunately, I...

US Banks Targeted By Activist Investors On Merger Wave Hopes

Activist investors are putting the U.S. banking sector in their crosshairs, betting that headwinds whipping through the industry will accelerate consolidation among lenders. While these activist hedge funds have already targeted some major financial companies, such as insurer American International Group Inc. and auto loan lender Ally Financial Inc., banks have historically stayed out...

Griffiths Tapped To Head Retail Distribution At Citizens

Citizens Bank recently recruited a veteran of Santander, JPMorgan Chase and Washington Mutual, to head up its retail distribution. Simon Griffiths was named executive vice president and head of distribution for consumer banking, Citizens said this week. In this role, he will manage the bank’s branch and ATM network, its online and mobile banking,...

The Rise Of The Modern Banking Compliance Professional

Banker & Tradesman’s Weighted Assets blog now features occasional guest posts from experts in the financial industry. Today’s post is from Edmund A. Greene, a bank compliance consultant. Today’s banking compliance professional has evolved from the pariah that loan officers and business line managers avoided into an integral part of a financial institution’s leadership....

Online College Is Taking Women’s Education To The Next Level

ICYMI, this week’s issue of B&T features a special section on continuing education programs for bankers. And in the process of researching that article, I got to learn about a really awesome college not included in the paper, The American Women’s College (TAWC) at Bay Path University. TAWC is the only all-women, all-online degree program in the...

In Person Outtakes: Carol Hamilton

I recently had the pleasure of sitting down with Rockland Trust’s Carol Hamilton for our In Person column. At the risk of sounding biased, Carol is a pretty cool lady – and you’ll surely know this if you ever get to meet her. I first talked to her a couple weeks back when I...