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SAFER Banking Act passes Senate Banking Committee: Will marijuana be re-scheduled under the Controlled Substances Act?

Abrigo

LISTEN NOW Bipartisan support The 2023 SAFE Banking Act: An unclear outlook Takeaway 1 The Senate recently introduced the newest version of marijuana legislation, the Secure and Fair Enforcement Regulation (SAFER) Banking Act. You might also like this podcast, "To be blunt: The ins and outs of cannabis-related banking."

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SAFE Banking Act Gains Cannabis-Friendly Spotlight In Congressional Hearing

PYMNTS

Over the last two years, more than $500 million worth of cash deposits from the legitimate cannabis business has flowed into Maps Credit Union in Salem, Oregon. But banks, credit unions and card networks shy away from that industry, despite its revenue potential, due to concerns about federal regulatory punishment.

Oregon 230
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Why State And Local Governments Struggle To Shred The Paper Check

PYMNTS

Governments at the state and local level are having trouble meeting this need, however, as they must also balance regulatory compliance standards against the desires of their in-state residents. The department requires parents to input their Social Security numbers and other identifiers to ensure payments are heading to the right people.

Idaho 130
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Mastercard Q2 Earnings Preview: Increased Spending, Digital Payments Expected

PYMNTS

Mastercard has expanded its services for SMBs in several ways over the quarter, launching new SMB card rewards that operate like a “toolbox” for fulfilling recurring needs, such as Mastercard ID Theft Protection. Many of the company’s SMB projects are overseas.

Payments 117
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Legal Pot Starts Pulling Its Retail Weight

PYMNTS

As a result, banks, credit unions and payment card networks are hesitant to participate. That said, in a first-ever congressional hearing on marijuana law reform, the House Judiciary Subcommittee on Crime, Terrorism and Homeland Security convened July 10 to debate altering federal law around cannabis.

Retail 154
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SAFE Banking Act Gains Cannabis-Friendly Spotlight in Congressional Hearing

PYMNTS

Over the last two years, more than $500 million worth of cash deposits from the legitimate cannabis business has flowed into Maps Credit Union in Salem, Oregon. But banks, credit unions and card networks — understandably —shy away from that industry despite its revenue potential due to concerns about federal regulatory punishment.

Oregon 115
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The Dawn Of A Cashless Global Economy?

PYMNTS

There are issues of transaction security, criminal elements, tax evasion, free flow of capital, access to goods and services and the ability to fully participate in the global economy. adults still prefer to use cash for purchases under $5, while 22 percent use debit cards and 11 percent use credit cards.

Taxes 100