A cannabis banking bill was revised in several different ways under an amendment adopted by the Senate Banking Committee during Wednesday’s markup, according to text that has not yet been officially posted by the panel but which was obtained by Marijuana Moment.
As the debate started, the committee first approved the amendment from Chairman Sherrod Brown (D-OH), which was described as a mix of technical changes and revisions requested by bipartisan members. It touches on issues related to federal guidance for banks that serve cannabis industry clients, rephrased protections for financial institutions and regulators’ enforcement discretion, among other topics.
Here’s how the committee amended the marijuana banking bill
The Treasury secretary would be given one year, instead of 180 days, to issue updated guidance to financial institutions that work with cannabis businesses that was first released under the Obama administration in 2014. That guidance requires banks, credit unions and depository institutions to submit Suspicious Activity Reports (SARs) if they service the cannabis industry.
The bill was amended with technical changes to language on how marijuana-related transactions should not be considered “proceeds from an unlawful activity.”
A new section was added stipulating that the director of the Financial Crimes Enforcement Network
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