New York Senator Files Bill To Promote Marijuana Banking By Giving Financial Institutions Access To Business Information
MJ moment
A New York senator wants to give banks in the state a little peace of mind about working with legal marijuana businesses, filing a bill on Tuesday that would allow regulators to disclose certain information about cannabis licensees to financial institutions. The bill from Sen. Jeremy Cooney (D) is one of two pieces of legislation that he's filing to address the marijuana banking issue, though the other has yet to be formally introduced. It's another example of how state lawmakers are taking matters into their own hands as Congress continues to stall on enacting a federal fix to more broadly protect banks and credit unions that service cannabis businesses from being penalized by financial regulators. Cooney's new bill, SB S8758, would take a modest step at the state level by authorizing the Office of Cannabis Management (OCM) to "share any and all information obtained from applicants and licensees…to requesting financial institutions for the purpose of consideration and compliance," the text states. A justification section for the measure, which has been referred to the Senate Investigations And Government Operations Committee, says that federal prohibition of marijuana "creates challenges to banking licensed cannabis companies." — Marijuana Moment is already tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don't miss any developments. Learn more about our marijuana bill tracker and become a supporter on Patreon to get access. — "Due to rigorous federal compliance rules and anti-money laundering laws, financial institutions face increased costs and little to no incentive to take on cannabis businesses as clients," it says, noting that federal guidance in place requires banks to submit suspicious activity reports for marijuana-related transactions, which can…
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Source : New York Senator Files Bill To Promote Marijuana Banking By Giving Financial Institutions Access To Business Information
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