Fintech Innovator Brings Experts Together to Help Banks and Credit Unions Better Understand the Challenges and Opportunities for Cannabis Banking
SAN FRANCISCO, Feb. 28, 2023 /PRNewswire-PRWeb/ -- Today, StandardC, the leading fintech platform that transforms how banking and financial service providers manage risk & compliance, is bringing together the top banking regulators from the California Department of Financial Protection & Innovation (DFPI) to discuss how banks and credit unions can bank cannabis, the role of the Secure and Fair Enforcement Act (SAFE Banking Act) via a live Q&A on Thursday, March 9.
The California DFPI, in addition to multiple state agencies, have issued guidance for how bankers can provide financial services to Marijuana-Related Businesses (MRBs, aka Cannabis Related Businesses or "CRBs"). This guidance closely aligns with guidance (FIN-2014-G001) issued by the Financial Crimes Enforcement Network (FinCEN) in 2014.
The SAFE Banking Act was proposed in 2019 to solve the cannabis banking problem. This legislation would exempt bankers from prosecution for money laundering state-licensed cannabis proceeds, persuading banks and credit unions to come rushing in to serve this underserved market. In late 2022, the SAFE Banking Act was close to being voted on in the Senate but ultimately did not pass during the lame-duck session. The StandardC virtual roundtable and Q&A will focus on various topics, from cannabis legalization and SAFE Banking to the challenges faced by state regulators, cannabis banking regulations, risk management requirements, and more.
- Who: For nationwide banks and credit unions that want to understand how to navigate banking in the cannabis industry and the implications of the SAFE Banking Act.
- What: Experts address what banks need to know, speakers include:
-Teveia Barnes, Esq. | Former Commissioner, DFPI
-Aaron Prosperi | Deputy Commissioner of Banking, DFPI
-Matthew Newman | Assistant Deputy Commissioner of Banking, DFPI
-Dolores Gavcus, CAMS | Senior Financial Institutions Examiner & Cannabis Banking Subject Matter Expert "SME"
-Robert Baron, CAMS | CXO, StandardC
- When: Thursday, March 9, 2023 from 10:00am - 12:00pm PT
- Where: To register, click here
About StandardC
StandardC is transforming how businesses access financial services. Backed by a team with deep expertise in risk analytics, banking, payments, and regulatory supervision, the StandardC software platform creates and maintains data-rich digital identities to simplify customer onboarding and monitor ongoing compliance for businesses. By removing the complexities of customer compliance and enhancing visibility into business risk, StandardC improves customer experiences and accelerates business development opportunities for financial institutions and businesses.
###
Media Contact:
Aimee Eichelberger
- aimee (at) superior (dot) com
312.952.1528
Media Contact
Aimee Eichelberger, Superior PR, 312.952.1528, [email protected]
SOURCE StandardC
Share this article