Four federal agencies, in conjunction with state bank regulators, clarified the legal status of hemp-related businesses and the applicable edicts under the Bank Secrecy Act (BSA) for financial institutions (FI) offering services to those businesses, the Office of the Comptroller of the Currency (OCC) said...
Credit unions (CUs) are facing an ever-shifting financial services landscape. Advanced technology is increasingly raising the stakes of how CUs should operate, with members coming to expect the instant payments and slick mobile interfaces that large banks and FinTechs have made standard. CUs are facing...
CBD has in short order become something of a retail fad. Short for cannabidiol, CBD is a chemical derived from cannabis plants that is increasingly favored for a whole host of medical and wellness related applications across the retail spectrum. Its use has become incredibly trendy – a...
Square, the digital payments company, is getting into the CBD market, launching a payment processing service for the industry. Forbes, citing Square, reported that a year after CBD, which is derived from hemp, was legalized in the U.S., Square is stepping in to help businesses...
September 23, 2019
Credit unions (CUs) are facing an ever-shifting financial services landscape. Advanced technology is increasingly raising the stakes of how CUs should operate, with members coming to expect the instant payments and slick mobile interfaces that large banks and FinTechs have made standard. CUs are facing pressure on the regulatory side as well, with banking advocacy […]
July 05, 2020
The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. In updated rules from the Financial Crimes Enforcement Network (FinCEN), the U.S. Treasury Department’s financial crime division, the agency said the new guidance is in response to questions related to Bank Secrecy […]
December 03, 2019
Four federal agencies, in conjunction with state bank regulators, clarified the legal status of hemp-related businesses and the applicable edicts under the Bank Secrecy Act (BSA) for financial institutions (FI)...
May 23, 2019
Square, the digital payments company, is getting into the CBD market, launching a payment processing service for the industry. Forbes, citing Square, reported that a year after CBD, which is...
May 03, 2019
The Bank of Canada and the Monetary Authority of Singapore (MAS) announced that they have conducted their first successful experiment between the two banks on cross-border and cross-currency payments using...
