We are excited to report that thanks to your advocacy, and the leadership of Senate Majority Leader Mitch McConnell (R-KY) and Senator Ron Wyden (D-OR), four federal banking regulatory agencies – Federal Deposit Insurance coverage Corporation, Workplace of the Comptroller of the Currency, the Federal Reserve, Monetary Crimes Enforcement Network – joined by the Conference of State Bank Supervisors — issued joint guidance confirming the legal status of hemp and the specifications for banks delivering monetary solutions to companies.
Regardless of the 2018 US Farm Bill clearly permitting monetary transactions in the hemp market, several banks and other monetary institutions have been slow to participate, blaming their worry of the threat of federal regulatory crackdowns. Today’s guidance removes substantially of that concern, such as clarifying that banks do not have to file suspicious activity reports for consumers solely for the reason that they are engaged in the development or cultivation of hemp. The new guidance also outlines how the specifications for hemp companies below the Bank Secrecy Act are various from marijuana companies.
To be clear, today’s guidance does NOT demand banks or monetary solutions firms to engage with hemp companies, nor is there any particular mention of hemp-derived CBD or companies that engage in that commerce. Complete passage of the pending SAFE Banking Act is nevertheless crucial to additional open up hemp and CBD commerce to monetary institutions and credit card firms.
Nevertheless, it is but yet another massive step forward, and a demonstration that YOUR advocacy matters, guaranteeing that our bipartisan congressional close friends such as Senators McConnell and Wyden continue to have our industry’s backs.
Please support us get to the finish line by contacting your US Senators currently, urging them to help the Secure Banking Act. When we raise our voices, we win.
Make contact with YOUR SENATORS!