Weis will bring the perspective of a financial institution banking marijuana, to the advisory group responsible for its guidance.
NCUA reviewing one third of its regulations; answer to your question about automatic loan payments; plus legal briefs.
FinCEN issues an administrative ruling on the application of regulations to currency transporters; notary training dates; question of the week and legal briefs.
FinCEN recently issued an advisory to financial institutions, laying out guidelines that can help foster a strong culture of BSA/AML compliance. Also in the Compliance Center: legal briefs and the question of the week.
More than 100 financial institutions are serving legal marijuana businesses, according to FinCEN. The agency’s director says the guidance FinCEN issued to banks and credit unions in February is working.
FinCEN released a proposed rule to enhance customer due diligence requirements at financial institutions. Find out what it means for credit unions in this week’s Compliance Center. Also: legal briefs and the question of the week.
The NCUA is instructing examiners to follow FinCEN guidance related to banking legal marijuana businesses. It’s a move expected to offer some reassurance to credit unions.
On Tuesday June 24, the Washington State Department of Financial Institutions (DFI) along with the Washington State Liquor Control Board (WSLCB) hosted an open forum on banking the legal marijuana industry. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “What is our liability if we offer a ‘two-signatures required’ account?”
Federal Guidance ‘Gives Comfort’ that Credit Unions Can Serve Licensed Marijuana Businesses, DFI Says
Guidance issued earlier this year by the Financial Crimes Enforcement Network (FinCEN) does not change federal law when it comes to providing banking services to marijuana businesses, Washington state regulators said Thursday, but “there is a difference between a law and a decision whether to enforce it.” DFI Director Scott Jarvis and Director of Credit Unions Linda Jekel made their comments at the NWCUA’s Leadership Symposium in Portland.
FinCEN’s guidance for credit unions that want to serve marijuana-related businesses certainly provides clarity, attorney Hal Scoggins writes, but it brings minimal regulatory relief.
Washington credit unions can provide financial services to marijuana-related businesses, the federal Financial Crimes Enforcement Network said in a guidance issued Friday afternoon, but the decision to do so comes with increased due diligence and very specific risk-analysis requirements.
Are we required to give out copies of CTRs?
Your weekly update on the regulatory landscape examines the monthly economic update from the NCUA, the stabilization fund assessment, and news from the FRB and U.S. Mint.
Your weekly update on the regulatory landscape includes an announcement on a new loan participation rule, an invitation to an NCUA Town Hall webinar and a fraud alert for consumers.