News & Analysis as of

U.S. Department of Agriculture Suspicious Activity Reports (SARs)

Ward and Smith, P.A.

Banking on Hemp: Financial Services for a Growing Industry

Ward and Smith, P.A. on

The Agriculture Improvement Act of 2018 ("Farm Bill") became law more than two years ago, decriminalizing hemp and its derivatives and opening the door for American farmers, manufacturers and retailers to create and explore...more

White & Case LLP

Hemp Businesses and Financial Institution Due Diligence

White & Case LLP on

On June 29, 2020, the Financial Crimes Enforcement Network (FinCEN) issued guidance explaining how financial institutions can conduct due diligence for hemp-related businesses and identifying the type of information and...more

McGuireWoods LLP

Financial Regulators Update Guidance for Hemp-Related Business Banking: Seven Key Points

McGuireWoods LLP on

As the hemp-related product industry continues to grow, institutional lenders now have clarifying guidance to consider as they conduct diligence regarding potential borrowers. Specifically, the National Credit Union...more

Ballard Spahr LLP

The Banking of Cannabis and Hemp-Related Customers: An Update

Ballard Spahr LLP on

We are really pleased to presenting on July 9, 2020 to the National Association of Federally-Insured Credit Unions (“NAFCU”) on banking issues relating to cannabis. The cannabis and hemp industry continues to pose a...more

Holland & Knight LLP

Treasury Department Issues New Guidance on Hemp Banking

Holland & Knight LLP on

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, issued new guidelines on June 29, 2020, for providing banking services to the hemp industry. Hemp that meets the low-THC...more

Roetzel & Andress

USDA Hemp Rules – Is The Hemp Industry Still In The Weeds?

Roetzel & Andress on

The United States Department of Agriculture (“USDA”) published the Interim Final Rule for the U.S. Domestic Hemp Production Program in October 2019. This long-awaited guidance from the USDA was met with mixed results, both...more

Nutter McClennen & Fish LLP

Bank Report: December 2019

FDIC and OCC Propose CRA Modernization Rule with Opt-Out for Small Banks The FDIC and the OCC have jointly proposed amendments to modernize the agencies’ Community Reinvestment Act (“CRA”) regulations, which are intended...more

Eversheds Sutherland (US) LLP

Federal agencies clarify SAR filing requirements for financial services provided to hemp-related businesses

On December 3, 2019, four federal agencies, in consultation with state banking regulators, clarified the legal status of hemp growth and production under the Bank Secrecy Act (BSA) for banks providing financial services to...more

White & Case LLP

Federal Banking Agencies Open a Pathway to the Provision of Banking Services to Hemp-Related Businesses

White & Case LLP on

On December 3, 2019, in a rare public statement regarding the provision of banking services to cannabis- or hemp-related businesses, the Federal Banking Agencies, including the Board of Governors of the Federal Reserve...more

Dorsey & Whitney LLP

Banking Services for Hemp Growers – FinCEN Makes a Statement

Dorsey & Whitney LLP on

On December 3, 2019, FinCEN, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, in consultation with the Conference of...more

Ballard Spahr LLP

Banking Regulators Ease SAR Reporting Requirements Applied to Hemp-Related Businesses

Ballard Spahr LLP on

On December 3, 2019, four federal agencies – the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”), the Financial Crimes Enforcement Network (“FinCEN”), and the Office of the...more

White & Case LLP

The House Passes Cannabis Banking Legislation: Implications for the Financial Services Industry

White & Case LLP on

On September 25, 2019, the US House of Representatives ("House") passed, by a vote of 321 to 103, the Secure and Fair Enforcement Banking Act ("SAFE Banking Act"), bipartisan legislation designed to secure and regulate...more

Carlton Fields

National Credit Union Administration Gives Credit Unions the Green Light to Serve Lawfully Operating Businesses

Carlton Fields on

On August 20, 2019, the National Credit Union Administration issued a regulatory alert to all federally insured credit unions providing "interim guidance" regarding the service of hemp businesses by credit unions. The alert,...more

Amundsen Davis LLC

Credit Unions Encouraged To Bank Hemp Business

Amundsen Davis LLC on

A regulatory alert (the “Alert”) issued by the National Credit Union Administration (the NCUA) this week makes clear that the NCUA supports banking relationships between its members and lawfully operating hemp-related...more

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