Earl Blumenauer marijuana
Marijuana Business News

Rep. Blumenauer Demands Answers From FDIC About Marijuana Banking

Earl Blumenauer marijuanaToday, Representative Blumenauer sent a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg asking for clarification on what guidance the FDIC provides to banks who offer financial services to marijuana-related businesses, and what role, if any, the FDIC played in M Bank’s decision to abruptly suspend operations in Colorado.

Last week, M Bank publically announced it would offer banking services to marijuana businesses in Colorado, only to abruptly reverse course a week later. A Denver Post article from January 26, 2015 cites industry insiders familiar with the situation claiming that the FDIC stepped in to warn M Bank executives that their actions were too risky. If this assertion is accurate, Representative Blumenauer, who founded a marijuana working group in Congress, demands answers as to why this is the case.

Blumenauer is leading the effort in Congress to reform our outdated federal marijuana laws, which includes banking regulations. Having the FDIC clarify how it assesses risk and gives guidance, and how that aligns with guidance given by the US Department of Justice and the US Department of Treasury, is important if we’re going to have a stable and transparent financial system that provides much needed banking services to marijuana businesses.

This article was sent to Johnny Green by Rep. Blumenauer’s office

  • Ted Mishler

    Although I have not sold cannabis, i purchased a lot of it in indiana through the years and i have a bank account, so there

    Ted Mishler
    Bloomington indiana
    Home of oppression, constitutionally illegal discrimination, the want of slavery to continue, and starvation, what of my rights?

    tmishler777@yahoo.com

    • Jetdoc

      I’m an original Hoosier myself!

      • Ted Mishler

        I am sorry for you:-)

        • Jetdoc

          That’s why I said “Original”. I’m NO longer there! :-D

  • Mary Miller

    Again, I keep saying this like i have a verbal problem: we need to have a rescheduling and the American Pediatric Association is now behind us demanding this change as well. There is a petition right now, in the White house petition area, that has only 7,400 signatures, that needs 93K to bring forth to the house when the APA is going to be on the hill (why I have been so bloody insistent) please go and sign this: https://petitions.whitehouse.gov/petition/remove-whole-cannabis-plant-schedule-1-medical-research-patient-access/vjzmSRS3

    As long as Cannabis is still a schedule one drug, we have NO hopes of permanent and total change regarding cannabis laws. As long as cannabis is thought of as a dangerous substance that has no medical or value, the reality is, each state can, and will change government. As they do, each administration has the right to pull and appeal laws. As long as this goes on, there will be no end to folks either getting arrested (based on administrative whims), dispensaries will be shut down and children like Charlotte Figi, who have Dravet’s syndrome are at risk of being taken from their parents. We have to focus and keep hammering away on the federal front, or we’ll risk here to day, gone tomorrow, that keeps happening. The other front that needs attention is the UN as well. We need folks to bring this up to the World Health Organization, so they can be the lobbyist to support the UN to stop the world wide ban on cannabis, since 1972 when Nixon brought the world ban on Cannabis as a means of “solidarity” for stoping what he thought as “dangerous” (dangerous for him, was more the truth, he hated the counter culture, and was extremely racist as the earlier quote shows from M. Simon here). So please go and sign this at least we can get the ball rolling, eh?

  • jimheffner

    How many bureaucrats does it take to change a light bulb?
    Wait while they prepare a study to see if it needs to be changed.

  • Bic

    With all that money floating around out there the marijuana industry should just DEFY the federal govt and form their own banks/credit unions. That would force their hand and call their bluff. Either bust us now or shut the f up and let us get on with business!

  • michiganman

    Story summary; old school religious right in control of FDIC. Make trouble cause they can. Need to be removed or at least neutered in their roles.
    Note to banks: cash can just stay under mattress…sorry for you.