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A growing number of states have chosen to decriminalize or legalize cannabis in recent years. As a result, the legal cannabis industry has experienced exponential growth. Yet banks and other financial institutions are still largely reluctant to partner with cannabis firms due to the lingering conflict between state and federal law. In this episode we will explore: (1) how financial institutions can navigate the regulatory, compliance, and operational challenges facing this sector; and (2) the steps the Biden Administration may take to improve the environment for banking this industry.
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Come away better prepared for what’s ahead after hearing Satish Kini and David Sewell of Debevoise & Plimpton and Darin Jarrett, Deputy BSA/AML Officer at American Express, in conversation with Bonnie McGeer, Executive Editor of American Banker, as they explore: •How the new administration might change the BSA/AML Act •Are there easy wins in relieving the burden of suspicious activity reports without undermining effectiveness? •New ways that companies are innovating within AML compliance and risk •What banks are doing to drive next-gen efficiency and effectiveness of risk and compliance
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The largest concerns are with pandemic risk and defaults, along with business resilience and adaptability, according to a Wolters Kluwer survey.
December 14 -
The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish the advisory rulings in the Federal Register.
November 30 -
Loans with balances under $27,200 do not have to comply with the special rules for property valuations of such mortgages.
November 18 -
If enacted, the rule will bring the agency into compliance with the GSEs and the Biggert-Waters Flood Insurance Reform Act.
November 10 -
FSOC’s statement on the FHFA’s proposed capital rule raises questions for market participants trying to anticipate a post-conservatorship secondary mortgage market, should the incoming administration go through with the GSEs’ exit from governmental control.
November 9 -
Staying in compliance with the Secure and Fair Enforcement for Mortgage Licensing Act has been a difficult task for lenders while employees work from home for months on end.
November 3Mphasis Digital Risk -
But both fell short under the Duty to Serve goals in rural housing.
November 2 -
The CrossState Credit Union Association continues to work with lawmakers in neighboring New Jersey to get similar legislation passed there.
October 30