Not that we are impatient, but we’re concerned that the promised federal guidance for banks that provide services for licensed marijuana businesses haven’t arrived.
Bank regulators said in November they would offer guidance to banks and credit unions once law enforcement gave its guidance.
The U.S. Department of Justice and the Financial Crimes Enforcement Network of the U.S. Treasury put out their guidance in February, saying financial institutions should file enhanced “suspicious activity reports” that identified the sources of their marijuana-related transactions.
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Now it’s the regulators turn to keep their end of the bargain. Several bankers told The Denver Post’s David Migoya they fear regulators more because of the havoc they could cause.
Colorado Gov. John Hickenlooper and Washington Gov. Jay Inslee a week ago sent a letter to the Federal Banking Agencies to remind them of that promise.
We would like to add to that chorus.
Guidance from regulators is critical to allow businesses to access banking, which would lessen the risk of criminal activity that comes with the cash-only structure now in place.
