Posted on 02/15/2014 9:40:49 PM PST by 2ndDivisionVet
DENVER — Bankers should beware of the Obama administration’s newly issued green light for banks doing business with the legal marijuana industry, according to the head of the Colorado Bankers Association.
Memos released Friday by the Justice Department and Treasury Department’s Financial Crimes Enforcement Network were intended to give banks leeway to open accounts for marijuana businesses in states like Colorado and Washington that have legalized retail pot. Instead, the guidance “only reinforces and reiterates that banks can be prosecuted for providing accounts to marijuana related businesses,” said the CBA in a Friday statement.
“In fact, it is even stronger than original guidance issued by the Department of Justice and the Treasury,” said CBA president and CEO Don Childears. “After a series of red lights, we expected this guidance to be a yellow one. This isn’t close to that. At best, this amounts to ‘serve these customers at your own risk’ and it emphasizes all of the risks. This light is red.”
Colorado’s first-ever legal marijuana market, which kicked off Jan. 1, has been hampered by a lack of access to bank accounts and small-business loans. Many of the state’s retail pot shops are cash-only enterprises, making them vulnerable to crime....
(Excerpt) Read more at washingtontimes.com ...
Surprising. Isn’t the goal of Democrats to have the entire country stoned so they can win elections forever?
“This seems like “bait” for ANYONE who would have an all cash business.”
Reading this article, I keep hearing the famous words of Marion Barry...” B%#$h set me up!”
An unhappy IRS versus legalized druglords with druglord tactics and druglord armies.
Happy thoughts...
No mater what he says, it’s still illegal. Perhaps we should say this about his health care edicts and enforce the law.
the only banks that would have such regulations enforced on them will be those banks that get out if line
stay in line. do not question. obey.
Yep, selective enforcement time.
Favored banks will have no problems.
Others, not so much.
Might get the same treatment the car dealers got.
I was making a general statement that given the correct circumstances, they would certainly suppress a story. I was not commenting upon this case. I should have made that clearer.
You may not like his policies, but Boehner will never be caught for immorality.
Where is it written that a business has to tell a bank what they sell? Under type of business, just say “marketing company” and be done with it. Any regulation obliging the banks to ask or to investigate the business accounts should be challenged. NOYB.
That of course is for checking and their business accounts. For loans and mortgages, I guess it would be different, as risk is involved and the information is relevent.
IBTFIOSBTMSM
In before the first “It’s only sex” by the mainstream media
Oh, wait...
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