Thursday, March 28, 2024
Hawai'i Free Press

Current Articles | Archives

Thursday, September 27, 2018
Hawaii Finance Commissioner Calls for Congress to Allow Marijuana Banking
By News Release @ 4:18 PM :: 3597 Views :: Drugs

HAWAII BANKING COMMISSIONER REQUESTS CONGRESS ADDRESS REGULATORY CONFLICT FOR MEDICAL CANNABIS BANKING

News Release from DCCA, Sep 26, 2018

Honolulu, HI – State of Hawaii Commissioner of Financial Institutions Iris Ikeda joined a coalition of thirteen state banking regulators—lead by Pennsylvania’s Robin L. Wiessmann—asking Congressional leaders to consider legislation that creates a safe harbor for financial institutions to serve businesses operating legally under state law or to entrust states with the full oversight and jurisdiction of cannabis-related activity.

Commissioner Ikeda and regulators from the other states sent a letter to Congress describing the well-documented conflict between federal and state law, which has created barriers for financial institutions desiring to serve businesses involved in state-licensed cannabis activities. The regulators cite a lack of clarity by the federal government for how financial institutions can serve this industry, without the threat of forfeiture of assets or criminal penalties, which results in many transactions occurring in cash. They shared their concerns with respect to public safety, increased difficulty of tracking the flow of funds, and contributions to a loss of economic activity, workforce development, and community development opportunities.

“With 31—and possibly more—states allowing legal medical cannabis programs, we must find a solution to address the serious public safety concerns in having a cash intensive industry. We believe it is important to craft policy to respond to emerging challenges in this rapidly growing industry,” stated Ikeda. “We cannot ignore this federal-state conflict in laws which may make consumers who need to use this solution for treating their medical conditions feel like criminals.”

As of August 1, 2018, 31 states, the District of Columbia and the territories of Guam and Puerto Rico have legalized medical and/or recreational cannabis usage.

PDF: Coalition Letter 

###

The Hawaii Division of Financial Institutions (DFI) ensures the safety and soundness of state-chartered and state-licensed financial institutions, and ensures regulatory compliance by state-licensed financial institutions, escrow depositories, money transmitters, mortgage servicers, mortgage loan originators and mortgage loan originator companies, by fairly administering applicable statutes and rules, in order to protect the rights and funds of depositors, borrowers, consumers and other members of the public. Website: http://cca.hawaii.gov/dfi/. Twitter: @HawaiiDFI 

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT