Tag Archives: Treasury Department

Members of Congress urge the Financial Crimes Enforcement Network at Treasury to Preserve Banking Guidance for Marijuana Industry

WASHINGTON, Jan. 17, 2018 /Weed Wire/ – Following the January 4 announcement by the U.S. Department of Justice to withdraw the Cole guidance, today Representatives Denny Heck (WA-10) and Ed Perlmutter (CO-07) sent a letter to U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) requesting they preserve the 2014 guidance for marijuana-related businesses to operate under the Bank Secrecy Act.

U.S. Justice Department Blindsided Banking Agency on Pot Policy Flip

U.S. Justice Department Blindsided Banking Agency on Pot Policy Flip

When the U.S. Justice Department said last week it was reversing policy on the $7 billion marijuana business, it failed to first notify federal officials who advise banks in states where the drug is legal, sources in Congress said.

Increasing Number of Financial Institutions Banking Marijuana Money

Increasing Number of Financial Institutions Banking Marijuana Money

It seems the advent of the Trump Administration has yet to dissuade banks from serving state-legal marijuana businesses. According to a marijuana banking update issued by the Financial Crimes Enforcement Network, a growing number of financial institutions are banking marijuana money in the United States.

Election Could Create Flood of Marijuana Cash With No Place to Go

Election Could Create Flood of Marijuana Cash With No Place to Go

The prospect for a market of such scale is adding urgency to calls for a national approach to marijuana that expands banking options. Law enforcement and Federal Reserve officials have expressed concern about the fraud and crime associated with un-bankable cash.

Banking amendment

House Passes Cannabis Banking Amendment

On July 16, 2014, Congress made a historic move to ease restrictions on banks and to allow them to conduct business with marijuana-related business. The measure was passed as an amendment to a Treasury Department appropriations bills, H.R. 5016 and it was sponsored by Reps. Denny Heck, D-WA, Dana Rohrabacher, R-CA, Ed Perlmutter, D-CO, and Barbara Lee, D-CA.


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