Treasury Defends Rules On Banks, Marijuana Sellers

"Without any guidance, there would be a proliferation of cash-only businesses, and that would make it impossible to see when there are actions going on that violate both federal and state law and that ... would be a real concern," Lew told the House subcommittee on financial services. "We thought that the clarity, bringing it into daylight, was a better solution."

DISTRICT OF COLUMBIA: Treasury Secretary Jack Lew on Tuesday defended the Obama administration’s guidelines to banks conducting transactions with legal marijuana sellers as congressional Republicans questioned whether the guidance amounts to tacit federal approval of a drug illegal in most states. The Justice and Treasury departments issued a roadmap in February that would allow the new Read the full article…

US Government Issues Rules For Banks On Dealing With Legal Marijuana Vendors

Under the new regulations, banks wishing to do business with marijuana dealers must verify that they are properly licensed and must gather information about the types of products they sell and the nature of the customers they serve. Banks must also be alert for any signs that the dealers are engaged in improper transactions.

DISTRICT OF COLUMBIA:  The Obama administration issued new rules Friday intended to ease the concerns of banks wanting to deal with businesses that legally sell marijuana, something the nation’s banks have so far declined to do. The rules, issued by the Treasury and Justice Departments, are intended to “move from the shadows the historically covert Read the full article…