Number Of Banks Working With Marijuana Businesses Levels Off, Federal Data Shows

Number Of Banks Working With Marijuana Businesses Levels Off, Federal Data Shows

The number of banks and credit unions that service the marijuana industry largely leveled off in the last quarter, according to new federal data released late last week. And that market trend could reflect shifting expectations among financial institutions about the likelihood of Congress approving cannabis banking legislation. While the House did eventually pass the Secure and Fair Enforcement (SAFE) Banking Act, which would shield banks that accept marijuana business clients from being penalized by federal regulators, that vote happened just five days before the end of the fourth quarter of the federal fiscal year and not prior to the summer recess weeks earlier, as had previously been expected. Marijuana Moment first reported that a vote was imminent about two weeks prior to the House action. It’s possible that banks were waiting to see the congressional action before further servicing the market and were disappointed that the Democratic-controlled chamber did not act on the legislation before lawmakers broke for the summer break. Previous quarters have seen significant upticks in the number of banks and credit unions working with marijuana businesses, especially since the end of 2018. But this last quarter, the Financial Crimes Enforcement Network (FinCEN) reported that 563 banks and…

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Source : MJ moment
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