The Federal Reserve Board, the FDIC, FinCEN, the OCC and the Conference of State Bank Supervisors clarified the legal status of hemp and Suspicious Activity Report obligations for banks under the Bank Secrecy Act.
The U.S. Senate Committee on Banking, Housing and Urban Affairs considered testimony on the Secure and Fair Enforcement Banking Act, which would remove legal uncertainty for banks and credit unions seeking to provide marijuana financing.
In 267 to 165 vote, the House of Representatives passed an amendment to the DOJ appropriations bill that would, among other things, prevent the DOJ from interfering in states that have legalized the "use, distribution, possession, or cultivation" of medical and adult-use cannabis.
Governors from across the United States and its territories urged Congress to pass legislation to allow states that permit medical or adult-use cannabis to legally operate under the supervision of the U.S. banking system.
At a Senate Appropriations Committee hearing on the FY 2020 budget request for the DOJ, Attorney General William Barr discussed the current state of interaction between state and federal law with respect to marijuana.
The House Financial Services Committee voted to advance a revised version of the Secure and Fair Enforcement Banking Act of 2019. In addition, legislators reintroduced a bill that would restrict federal enforcement against state-legal cannabis activity.
A Chicago-based cannabis firm will acquire all of the issued and outstanding shares of a Canadian cannabis distributor in California, making it the largest-ever public company acquisition in the U.S. cannabis sector.
At a recent webinar, Cadwalader attorneys reviewed anti-money laundering developments affecting cannabis businesses, broker-dealers and blockchain, and discussed draft legislation affecting the Bank Secrecy Act.
The House Financial Services Committee voted to approve the Secure and Fair Enforcement Banking Act of 2019. The legislation provides a "safe harbor" for financial institutions and banks that supply financial services to cannabis-related businesses.
The House Financial Services Committee considered an amendment to the Secure and Fair Enforcement Banking Act of 2019 which would provide a "safe harbor" for financial institutions that supply financial services to cannabis-related businesses.
On Monday, March 25, 2019, Cadwalader partners Jodi Avergun and Steven Lofchie will host a SIFMA Lunch & Learn demonstration of how technology can be leveraged to keep pace with regulatory uncertainty.
The SEC Office of the Investor Advocate identified "problematic products and practices" and summarized steps the agency and related self-regulatory organizations took to respond to investor concerns during the past year.