Tuesday, May 18, 2021
2:00 – 3:00 pm (Eastern Time)
1:00 – 2:00 pm (Central Time)
12:00 – 1:00 pm (Mountain Time)
11:00 – 12:00 pm (Pacific Time)
Of approximately 12,000 banks across the country, 710 banks and 150 credit unions reported servicing marijuana-related businesses last year, according to FinCEN. But for banks considering or entering the space, banking hemp and marijuana related businesses can be a daunting task. The new industrial hemp marketplace involves much more than simply banking farmers. It involves businesses involved in transportation, warehousing, processing, manufacturing, distribution, and wholesale and retail sales. And despite their federally legal status, hemp-CBD production is surrounded by a large gray area. States are taking individual--and sometimes drastically different-- approaches to regulation. This patchwork of state and federal regulations further complicate banks’ understanding of the regulatory and compliance requirements for banking cannabis, CBD and hemp-related businesses.
Bankers know that expertise and practical advice, and know-how are critical to your program’s success. Join this timely webinar to discuss the latest developments on lending to hemp, CBD, and marijuana businesses, including the risks, legal requirements, and challenges associated with various hemp businesses. This jam-packed webinar will address the key points of providing account relationships and loan products to HRB and MRB businesses. Get the information you need to make an informed decision!
Attendees to this banking webinar will learn:
- The differences between hemp, marijuana, and CBD businesses
- The regulation of CBD in food, beverages, vape cartridges, oils, topicals, and other products
- NCUA and Agency guidance on due diligence and banking hemp and cannabis businesses
- Considerations, best practices, common pitfalls and challenges in cannabis and hemp business lending
- Ask the right questions at account opening!
- Overview of FSA farm loans, such as operating, ownership, beginning farmer, and farm storage facility loans
- Explanation and overview of hemp acreage reports
- Guidance on establishing your hemp banking program, including recommended requirements for a hemp business must satisfy in order to access your institution’s lending services
- How to navigate the lending landmines
- Multi-Peril Crop Insurance (MPCI) overview and coverage levels
- Basic risk management requirements for lending to HRBs and MRBs
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