Empty pot: Marijuana businesses still can’t bank on opening accounts

Lawyers' Forum

By Elizabeth A. Khalil

Elizabeth A. Khalil is a member of Dykema, Gossett PLLC’s government policy and practice group in its Chicago and Washington, D.C., offices. She focuses on the regulation of financial institutions, particularly with regard to compliance matters. She is a former federal banking regulator. She can be reached at ekhalil@dykema.com or (312) 627-2138.

Posted January 20, 2016 2:42 PM

On Jan. 5, a federal court made clear that “marijuana banking” remains, for now, a term honored more in the breach than the observance.Despite the actions of numerous states — including Illinois — to legalize marijuana sales for medical use, a combination of federal drug law and banking regulations has continued to hinder financial institutions from opening accounts for marijuana-related businesses.In Fourth Corner Credit Union v. Federal Reserve Bank of Kansas City, the plaintiff credit union …

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