Legal and Banking Committee: White Paper – Financial Institutions

By Dana Chaves, Ms. Mary Staffing/Hybrid Payroll
Vice Chair of NCIA’s Legal and Banking Committee

During our inaugural meeting in Oakland California in June of 2017, the Legal and Banking Committee discussed the impending issues impacting the cannabis industry. It was decided that the biggest issue that needed immediate attention was of course banking and the inability for businesses in the cannabis space to obtain and maintain a checking account in order to pay taxes, bills and more importantly payroll for employees.

As a group we decided that writing a white paper and subsequently a supporting PowerPoint slide deck to present to financial institutions, executives and board members in a lunch-and-learn environment would be the most effective way to educate not only financial institutions but also state regulatory agencies as well on how to work together on the best practices for mitigating risks surrounding the Bank Secrecy Act and resources needed for compliance.

It is the hope of the LBC Committee to assist financial Institutions in a nationwide effort to begin the process of protecting the communities where marijuana is legal and by legitimizing the industry by allowing banking and lending services to both business owners and their employees.

Read the white paper, “Investigating the Role of Financial Institutions in the Legal Cannabis Industry” -produced by NCIA’s Legal and Banking Committee.