THE PRICE –
THE DATE –
June 2, 2020 at 9:00 a.m.
THE RATING –
THE BLURB –
A cannabis Safe Banking Act is part of the “HEROES ACT” being considered by Congress. If the bill passes both houses of Congress, will that change your financial institution’s disposition about banking cannabis? Here are six questions that leadership of financial institutions should be asking regarding cannabis banking:
- Can our institution bank cannabis safely?
- Is my financial institution prepared now to openly take on cannabis banking?
- What resources will it require to safely bank cannabis?
- How does my institution price for the risk and what is the potential ROI it could achieve with a prudent cannabis banking program?
- Do we need to act now to build a critical mass of cannabis depositors?
- If my institution never wants to bank cannabis, how do we ensure that we are not?
More and more BSA audits are uncovering hidden cannabis depositors in financial institutions. In fact, many experts agree that if your financial institution is in a state in which recreational cannabis is legal, then cannabis money is likely already in your bank. If a cannabis “Safe Banking Act” does become federal law (which is a matter of when and not if), then federal regulators will increase their scrutiny on all financial institutions to ensure that they have the appropriate controls and best practices in place to ensure that their cannabis depositors are compliant with all municipal, state and federal laws, codes and regulations.
The trick to safely banking cannabis is having a comprehensive system of systems, policies and procedures to safely vet and monitor cannabis related businesses and their transactions. Not only financial institutions do this cost effectively, it can be a significant source of liquidity, a way to substantially widen net interest margin and produce non-interest income.
You are invited to attend our free one-hour webinar to learn about best practices and the future of cannabis banking on June 2, 2020 at 9:00 a.m.
If you can’t make that time but are still interested in the presentation, please feel free to use this link and schedule a more convenient time to go through the material.
HDCS, Inc. is a banking consulting firm which provides financial institutions with comprehensive solutions to attract and safely bank higher-risk depositors.
THE LINK –