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Treasury Department Considering Removal of Marijuana Banking Protections

• http://truthinmedia.com

Washington, D.C. — The Trump administration is weighing the removal of an Obama-era protocol that permitted banks to open accounts for marijuana-related businesses without being considered in violation of law, according to a recent report by Forbes.

In the wake of Attorney General Jeff Sessions' move to overturn the Cole Memo, which had previously laid a hands-off federal policy towards state marijuana policy under the Obama administration, federal prosecutors will now be allowed to decide how to prioritize enforcing federal cannabis prohibition in relation to possession, cultivation or distribution in states that have legalized the drug.

With Sessions' revocation of three Obama-era memos last month, which had provided guidance that allowed banks to provide their services to marijuana businesses without the risk of federal prosecution, the Treasury Department is now "reviewing the [banking] guidance in light of the Attorney General's announcement and are consulting with law enforcement," Drew Maloney, the U.S. Treasury Department's assistant secretary for legislative affairs, wrote in a letter to members of Congress.

The letter from the Treasury Department was in response to an inquiry last month from a  bipartisan group of 31 House members, that included a request for the Treasury Department's Financial Crimes Enforcement Network (FinCEN) agency to carry on with the cannabis banking guidance.

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