Wednesday, November 13, 2019
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)
Cannabis is arguably the fastest growing industry in the world. In the U.S., 33 states and the District of Columbia currently have passed laws broadly legalizing marijuana in some form. As the cannabis industry takes off, everyone from growers to transporters will need a place to put their money. While the number of banks working with marijuana related businesses (MRBs) is steadily climbing, many remain challenged to respond to the rapidly expanding marijuana industry. How is your bank responding?
This banking law webinar explores the latest developments on banking MRBs, including the risks, legal requirements, and challenges associated with marijuana business and service providers of MRBs. Attendees will learn the three most important considerations for banking MRBs. A comprehensive review of current marijuana regulations and BSA/AML compliance requirements will also be provided.
Attendees to this banking webinar will learn:
- The current legal and regulatory landscape of banking hemp and marijuana related businesses
- Impact of the Farm Bill and the differences between hemp and marijuana
- Overview and impact of the SAFE Banking Act
- The three most important considerations for banking MRBs
- Industry approaches on how to define “marijuana-related businesses”
- Compliance obligations on 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 MRBs
- Strategies for retooling compliance programs and beefing up current compliance functions.
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