Tuesday, July 28, 2020
12:00 – 1:00 pm (Eastern Time)
11:00 – 12:00 pm (Central Time)
10:00 – 11:00 am (Mountain Time)
9:00 – 10:00 am (Pacific Time)
As this cannabis industry soars into a new decade, a growing number of banks and credit unions are gearing up to capitalize on this emerging market by providing essential financial services to marijuana related businesses (MRBs). Currently, depository institutions serve the cannabis industry and every state has at least one financial institution that serves MRBs.
This compliance webinar explores the latest developments on banking MRBs, including the opportunities, risks, legal requirements, and challenges associated with marijuana business and service providers of MRBs. Attendees will receive a readiness checklist outlining the most important considerations and compliance requirements for banking MRBs. A comprehensive review of current marijuana regulations and BSA/AML compliance requirements will also be provided.
Attendees to this lending webinar will learn:
- The current legal and regulatory landscape of banking hemp and marijuana related businesses
- Overview of the business landscape- global market, industries, growth projections and US context
- Understanding the opportunities and risks for banking cannabis, hemp and CBD businesses
- The most important considerations for banking MRBs
- Compliance obligations for banking MRBs
- Up-to-date guidance of bank regulatory agencies, including the FDIC, Federal Reserve and OCC
- Understanding the legal and compliance risks associated with banking MRBs and their service providers
- Enforcement of BSA/AML laws as the relate to MRBsStrategies for retooling compliance programs and beefing up current compliance functions.
BONUS MATERIAL: Attendees will receive a Cannabis Banking Readiness Checklist which includes the most up-to-date guidance and regulatory expectations for banking cannabis businesses
Dena Somers is a highly regarded bank consultant and compliance attorney. She has provided regulatory compliance and risk management consulting services to financial institutions and companies in highly regulated industries nationwide for more than 20 years. Her areas of expertise include consumer and mortgage lending compliance, Fintech and specialty finance, regulatory compliance training, business strategy and best practice advisement, and corporate governance. Throughout her career, Ms. Somers has advised hundreds of banking and financial institutions— ranging from local community banks to $50 billion financial holding companies— to achieve operational efficiency while ensuring regulatory compliance. Previously, Ms. Somers served as General Counsel to a national mortgage servicing company, Fintech lender, national money service business, and has represented financial institutions in a broad array of complex litigation matters for more than 15 years. Additionally, Ms. Somers is a published author for Lexis Nexis in the areas of Bank Teller training, loan policies, and loan documentation training.
1.0 CPE Credits and 1.2 AAP Credits