Daniel P. Stipano quoted in American Banker article, “Barr eases pot banking concerns, but banks still in limbo”
American BankerDaniel P. Stipano
Daniel P. Stipano was quoted on January 17, 2019 in an American Banker article, “Barr eases pot banking concerns, but banks still in limbo,” which discussed Attorney General nominee William Barr’s remarks that he would support relaxed marijuana enforcement. The article stated, “Financial institutions looking to serve businesses in the marijuana industry may have breathed a collective sigh of relief during Attorney General nominee William Barr’s confirmation hearing earlier this week when he said that if confirmed he would uphold an Obama-era memo that relaxed marijuana enforcement. But his comments ultimately do little to mitigate the inherent risks associated with pot banking.”
Stipano noted, “It's a reiteration of the status quo and unless and until Congress passes a law that legalizes it at the federal level and the president signs it, we're going to continue to be in limbo on this issue. He added, “Though Barr’s comments indicate a return to the norm, the smaller financial institutions that tend to serve businesses in the pot industry can now operate with more clarity. I don't know that DOJ's investigatory and prosecutorial practices changed much following the rescission of that policy, but it did create more uncertainty within the banking community as to the legal status of marijuana-related businesses and whether banks can do business with them.”
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