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Eugene

(61,899 posts) Tue Sep 10, 2013, 06:45 PM Sep 2013

U.S. may help marijuana shops get banking services

Source: Reuters

By David Ingram
WASHINGTON | Tue Sep 10, 2013 5:45pm EDT

(Reuters) - U.S. law enforcement agencies are in talks about steps they may take under federal law to allow legal marijuana businesses to have access to bank accounts, a Justice Department official said on Tuesday.

Deputy Attorney General James Cole said at a Senate Judiciary Committee hearing that the existing situation of marijuana shops operating on a cash-only basis created too many dangers, such as possible robberies or fraud.

The Justice Department is reviewing the issue with the Treasury Department's Financial Crimes Enforcement Network (FinCEN), which targets money-laundering, Cole said.

"It's important to deal with that kind of issue, and we're at the present time talking with FinCEN, and they're talking with and bringing in bank regulators to discuss ways that this could be dealt with in accordance with the laws that we have on the books today," he said.

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Read more: http://www.reuters.com/article/2013/09/10/us-usa-crime-marijuana-idUSBRE9891EK20130910

7 replies

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Highlight:

U.S. may help marijuana shops get banking services (Original Post) Eugene Sep 2013 OP

"Chaaarrrrge it! And pass the popcorn." - Wilma & Betty Berlum Sep 2013 #1

That cracking noise is the dam about to break. Uncle Joe Sep 2013 #2

I think I would be equally happy if Jackpine Radical Sep 2013 #3

This Has Been A Real Problem otohara Sep 2013 #4

One would think Politicalboi Sep 2013 #5

k&r n/t RainDog Sep 2013 #6

Come next May.. barnabas63 Sep 2013 #7

Berlum

(7,044 posts)

1. "Chaaarrrrge it! And pass the popcorn." - Wilma & Betty

Reply to Eugene (Original post)

Tue Sep 10, 2013, 08:35 PM

Sep 2013

Uncle Joe

(58,362 posts)

2. That cracking noise is the dam about to break.

Reply to Eugene (Original post)

Tue Sep 10, 2013, 08:39 PM

Sep 2013

Thanks for the thread, Eugene.

Jackpine Radical

(45,274 posts)

3. I think I would be equally happy if

Reply to Eugene (Original post)

Tue Sep 10, 2013, 08:46 PM

Sep 2013

the Feds helped banking shops get marijuana services.

otohara

(24,135 posts)

4. This Has Been A Real Problem

Reply to Eugene (Original post)

Tue Sep 10, 2013, 09:22 PM

Sep 2013

in CO....dispensaries have had to resort to cash only - banks won't work with them

Politicalboi

(15,189 posts)

5. One would think

Reply to Eugene (Original post)

Tue Sep 10, 2013, 09:31 PM

Sep 2013

By using a credit card or atm card would be a better way of tracking how much pot one buys. I used to go to a place in Fresno that allowed debit credit cards. It's better for the business too. Not so much cash on hand. Some have atm's, but the fees are too much to pay. That 2.50 fee from the machine, then of course a banking fee. That could have bought a brownie. I understand the atm charging a fee, it's like a public phone, and you pay to use the service. But allowing banks to charge you also is just too fucking much.

RainDog

(28,784 posts)

6. k&r n/t

Reply to Eugene (Original post)

Tue Sep 10, 2013, 09:56 PM

Sep 2013

barnabas63

(1,214 posts)

7. Come next May..

Reply to Eugene (Original post)

Tue Sep 10, 2013, 10:43 PM

Sep 2013

...I'll be able to go into one of three shops in my town and be able to buy an ounce - since I'm over 21.

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