Pubdate: Thu, 23 Oct 2014
Source: Denver Post (CO)
Copyright: 2014 The Denver Post Corp
Contact:  http://www.denverpost.com/
Details: http://www.mapinc.org/media/122

REAL FIX NEEDED ON POT BANKING

It's a good sign federal inspectors quietly have been telling bankers 
they can continue working with marijuana-related clients, as long as 
those banks closely monitor that relationship.

The retail pot industry began in earnest in Colorado less than a year 
ago, and the banking problem has been a threatening issue. The risk 
dissipated slightly in February when the U.S. Treasury's Financial 
Crimes Enforcement Network issued guidelines for banks.

Though some banks may be getting passive approval, the industry 
continues to be "underbanked," said Andrew Freedman, the state's 
director of marijuana coordination. So the problem persists.

Real change must come from Congress. A bill by Rep. Ed Perlmutter, 
D-Golden, seeking sensible banking reforms could bring meaningful and 
lasting resolution. But the bill is stuck in committee.

With more communities looking at legalization, this is an issue that 
needs Congress' help.
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MAP posted-by: Jay Bergstrom