By Mike Kennedy
While cannabis remains illegal at the federal level, more than 30 states have legalized retail sales through medical and/or recreational programs. Regardless of political, personal or moral stance, it’s difficult for anyone to deny the very real momentum generated by the emerging legal cannabis industry. U.S. legal cannabis sales reached $10.8 billion in 2018 and continue to grow at a compound annual growth rate of over 20 percent. This meteoric rise in a few short years shows no signs of slowing down, as U.S. demand for cannabis continues to outpace state-sanctioned cannabis programs. Despite such impressive figures, there is one significant hurdle holding this industry back: the lack of access to banking.
Regulators and industry groups ramp up discussions.
By Bill Poquette, Editor-in-Chief
In late August last year, the Office of the Comptroller of the Currency released an Advance Notice of Proposed Rulemaking seeking comment on the best ways to modernize the Community Reinvestment Act. A couple of months later, Comptroller Joseph M. Otting was quoted as saying revising the CRA was the No. 1 reason he was lured to Washington from his post as CEO of OneWest Bank in sunny Southern California.
By Kristen Eustis, Compliance Specialist
We’ve all heard the saying, “The only real mistake is the one from which we learn nothing.” What can we learn from mistakes revealed in the recent $12 million fine USSA Federal Saving Bank received for violating consumer protection laws?
ABA’s Community Bankers Conference in San Diego
By Alaina Webster
American Bankers Association President and CEO Rob Nichols opened the first General Session of the 2019 ABA Conference for Community Bankers by outlining several key issues facing financial institutions as well as ABA’s policy goals for the coming year.
By Pam Perdue
It may shock you to hear a compliance expert suggest that your bank might be spending too much on compliance. But it’s not only possible, it’s probable.