Longtime congressional proponents of marijuana banking provisions are urging the U.S. Treasury’s Financial Crimes Enforcement Network to keep intact marijuana banking guidance.
FinCEN guidelines established in 2014 — outlining how financial institutions should approach banking services with marijuana-related businesses — provided stability for a burgeoning new industry, U.S. Reps. Ed Perlmutter, D-Colo., and Denny Heck, D-Wash., wrote in a letter sent Wednesday to FinCEN leadership.
“Leaving your guidance unchanged will continue to encourage small companies to make investments by freeing up access to capital,” Perlmutter and Heck wrote in the letter signed by 31 members of Congress. “It will also further provide for well regulation and oversight through suspicious activity reports.
“Rescinding this guidance would inject uncertainty in the financial markets. Attempts to disrupt this market are dangerous and imprudent.