Bank Director published an article written by John J. Maxfield in their most recent publication on how more and more banks are onboarding marijuana related businesses. Whereas marijuana remains federally illegal, and most banks and credit unions continue to avoid the industry, the article highlights three well-known banks that currently serve the marijuana industry and how they go about it.
It is important to note the those banks that choose to serve the industry must have robust cannabis-specific policies, procedures and programs to do so without raising the ire of banking regulators, and effectively follow FinCen guidelines for banking cannabis. Many financial institutions don't actively screen their customer base because of all the regulations currently in place.
CRB Monitor's Founder & CEO, Steve Kemmerling, was one of the cannabis-banking industry experts quoted in the article as CRB Monitor has a thorough understanding of what classifies a marijuana related business to help banks understand, identify and monitor.
“Most banks would simply prefer to avoid the added compliance burden.”
Reference the full article here
For more information on related topics, check out our blogs:
- Why FinCEN's Marijuana Banking Count Is Too High
- Separating Fact from Fiction: The SAFE Banking Act
- The MORE Act Passes in the House: Challenges Still Lie Ahead for Marijuana Banking
- State Legalization of Cannabis: How Financial Institutions Can Stay Ahead of the Game
- What a Democrat Majority in the Senate Means for Marijuana Banking