Banks Hesitant About New Rules For Potential Pot Customers. | 101 KXL

Banks Hesitant About New Rules For Potential Pot Customers.

Written by Pat Boyle on February 14, 2014
marijuana

pat.boyle@kxl.com

Salem, Oregon – The head of the Oregon Bankers Association is reacting to new guidance today from the Justice and Treasury Departments on how banks can deal with a legalized marijuana industry. Linda Navarro says  she “absolutely appreciates the guidance that was provided but neither guidance nor regulatory changes alter the  underlying challenge that we have, which is that its illegal in most respects to bank marijuana related businesses.”

The guidelines are intended to increase the availability of financial services to marijuana businesses that are legal. Washington and Colorado allow recreational use of pot and a number of states, including Oregon, allow medical marijuana.

Washington Congressman Denny Heck believes some banks and credit unions will start doing business with the marijuana industry. But he acknowledges these guidelines are not the law and could change with a new administration . He and a Colorado congressman have introduced a bill to let  legal marijuana businesses do business at banks  in states where pot is legal.

 

Posted Under: Local Headlines

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