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 offering monetary solutions to corporations.
In spite of the 2018 US Farm Bill clearly permitting monetary transactions in the hemp market, numerous banks and other monetary institutions have been slow to participate, blaming their worry of the danger of federal regulatory crackdowns. Today’s guidance removes significantly of that concern, such as clarifying that banks do not have to file suspicious activity reports for clients solely due to the fact they are engaged in the development or cultivation of hemp. The new guidance also outlines how the specifications for hemp corporations beneath the Bank Secrecy Act are diverse from marijuana corporations.
To be clear, today’s guidance does NOT demand banks or monetary solutions organizations to engage with hemp corporations, nor is there any distinct mention of hemp-derived CBD or corporations that engage in that commerce. Complete passage of the pending SAFE Banking Act is nevertheless essential to additional open up hemp and CBD commerce to monetary institutions and credit card organizations.
Having said that, it is however one more massive step forward, and a demonstration that YOUR advocacy matters, guaranteeing that our bipartisan congressional good 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 these days, urging them to assistance the Secure Banking Act. When we raise our voices, we win.
Make contact with YOUR SENATORS!