By Gene Ludwig
There has been a hole in the American financial regulatory system with its light- to no-touch regulatory environment for large nonbank financial institutions. A March proposal by a panel of regulators that nonbanks should be regulated only by their activities in business sectors could make that hole yet bigger.
U.S. companies and banks doing business abroad should be prepared.
By Michael Salerno
As the economy recovered from the financial crisis of 2008, many U.S. companies expanded to the United Kingdom as a way to reach the European Union market, either by exporting, using a U.K. distributor or setting up operations there. Such expansion was a relatively easy move, thanks to a common language and similar banking and legal systems.
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.
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.