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ABA Applauds Regulatory Guidance on Hemp Banking

“We welcome the guidance issued today by federal banking regulators, FinCEN and the Conference of State Bank Supervisors, which provides greater clarity on banks’ obligations related to hemp producers. This action, which has been long sought by ABA, makes clear that banks are not required to file Suspicious Activity Reports on hemp producers operating under an approved federal, state or tribal license or plan. We are pleased that the guidance also notes that bank customers are responsible for complying with regulatory requirements surrounding hemp, not the banks who serve those customers. We appreciate the steps regulators have taken today to clarify regulatory expectations for banks, and we look forward to working with them as they develop additional guidance.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $18 trillion banking industry, which is composed of small, regional and large banks. Together, America’s banks employ more than 2 million men and women, safeguard $14 trillion in deposits and extend more than $10 trillion in loans.

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Sarah Grano

(202) 663-5470

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