Congress, not federal regulators, must fix the marijuana banking conundrum, Treasury Secretary Steven Mnuchin told a House subcommittee last week.
“I don’t believe that this is a failure of the regulators,” Mnuchin told the House Financial Services Appropriations Subcommittee, adding that he would encourage Congress to help solve the problem.
Mnuchin’s comments came, as a bipartisan group of senators introduced their version of cannabis banking legislation.
Credit union officials have complained that they take a significant risk if they provide financial services to marijuana-related businesses, even in states where cannabis is legal. They say that because marijuana is illegal on the federal level, financial regulators could impose sanctions on them if they serve cannabis-related businesses.
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