Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
House vote: Where pot is legal, FIs can provide services
WASHINGTON (7/17/14)--Marijuana-based businesses in states where it is legal should be able to access financial services, according to a vote by the House Wednesday. The House voted 236-186 to let stand a U.S. Treasury Department guidance on marijuana-related businesses, which clarifies expectations for financial institutions seeking to provide services to those businesses.

The guidance, issued in February by the Treasury's Financial Crimes Enforcement Network, specifies that U.S. Department of Justice attorneys and law enforcement officials should focus resources on preventing such things as:
  • Marijuana sales to minors;
  • Pot-sale proceeds from going into criminal enterprises;
  • Diversion of marijuana from states where it is legal to states where it is not;
  • Marijuana activity from covering up other drug trafficking;
  • Drug-related violence;
  • Impaired driving;
  • Growing of marijuana on public land; and
  • Marijuana use or possession on federal property.
Earlier Wednesday the House approved an amendment sponsored by Rep. Denny Heck (D-Wash.) that would block the Securities and Exchange Commission and Treasury Department from spending money to penalize financial institutions serving marijuana-based businesses in states where it has been legalized.

Use the resource link below for more information.
RSS





print
News Now LiveWire
Consumer spending is slumping #Market #Economy http://t.co/RI4HS68IuJ
10 hours ago
April is #NationalFinancialLiteracyMonth & @TheNCUA Chair Matz urges #creditunions to help members learn to manage/protect their finances.
11 hours ago
Fed. FI regulators' statmnts on compromised credentials/destructive malware #cybersecurity http://t.co/f4uTBDm1PU http://t.co/zP5Iw6VxZc
13 hours ago
Home prices rising faster than wages: @RealtyTrac #NewsNow #Market http://t.co/wa74mnw3Cu
14 hours ago
.@Nussle dropped by the @ACUMuseum recently. Read about his visit http://t.co/bYe8RRgYLP
15 hours ago