Frank Keating, the president of the ABA, said today in a statement “While we appreciate the efforts by the Department of Justice and FinCEN, guidance or regulation doesn’t alter the underlying challenge for banks. As it stands, possession or distribution of marijuana violates federal law, and banks that provide support for those activities face the risk of prosecution and assorted sanctions.”
Earlier this month, the ABA published a document on marijuana regulation saying, “Because marijuana is illegal under federal statute, guidance alone isn’t enough” and that “in order for banks to be comfortable banking marijuana businesses, the federal statute must be changed by Congress.”
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