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Number of U.S. banks and credit unions accepting accounts from "marijuana-related businesses" during lifetime of the Cole Memorandum (source: US Treasury)
Proposed text and perhaps a graph to add in a new section for the relationship between Justice and Treasury. There's actually a whole lot of sources out there, enough for expansion way beyond what I put here.
Banking regulations issued by the United States Department of the Treasury Financial Crimes Enforcement Network (FinCEN) in 2014 referred to the Cole Memo and both "clarifie[d] how financial institutions can provide services to marijuana-related businesses" and provided regulated banks and credit unions a list of "red flags" for any activity that "implicates [non-compliance with] one of the Cole Memo priorities".[1] Under the 2014 FinCEN guidance, hundreds of U.S. banks and credit unions were allowed to provide banking services to the marijuana industry by 2017.[2] Based on information received from Department of the Treasury to a newspaper's public records request, in 2017 a single credit union in Seattle had over 300 such customers.[3] As of the date of the 2018 Sessions memo, industry did not have new guidance from Treasury Department.[4]Politico stated on the day Sessions' memo was issued that the 2014 FinCEN guidance "remains on the books".[5] On January 11, 2018, FinCEN issued a brief statement that the 2014 banking guidance "remains in place".[6]
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Resolved