SAFE Banking Act Of 2021: Where Are We On Cannabis Banking Change?

It is undeniable that, not only is the cannabis industry here to stay, but it is growing exponentially. To date, 47 states, 4 U.S. territories, and the District of Columbia have legalized cannabis in some form – whether they decriminalize production, allow uses limited to cannabidiol (“CBD”) or hemp, or is as expansive as permitting TCH-containing cannabis for medical use, adult-use or both. Yet, in comparison to other industries, legitimate licensed cannabis-related businesses remain […]

By | September 22nd, 2021 ||

FDIC Sets Up New Mission-Driven Bank Fund

The FDIC launched a new Mission-Driven Bank Fund that will support insured Minority Depository Institutions (“MDIs”) and Community Development Financial Institutions (“CDFIs”) by directing private capital investment into them to, in turn, allow them to further benefit the minority, lower income and rural communities they serve.

The FDIC stated that the aim of the fund is to enable MDIs and CDFIs to “build size, scale, and capacity” so that they can offer affordable financial products, encourage economic and community […]

By | September 20th, 2021 ||

FFIEC Updates Guidance To Financial Institutions For Authentication And Access

The Federal Financial Institutions Examination Council (FFIEC), an interagency body of leading financial regulators, including the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, recently issued updated guidance to financial institutions on recommended best practices for information system authentication and access management controls. Titled Authentication and Access to Financial Institution Services and Systems (available here), it replaces previous FFIEC guidance, Authentication in an Internet Banking Environment (2005) and Supplement to Authentication in an Internet […]

By | September 16th, 2021 ||