Operational Factors to Develop the Framework to Bank Cannabis
Wednesday, December 4, 2019
12:00 pm – 1:30 pm Eastern
On September 25, 2019, the U.S. House of Representatives passed, by a vote of 321 to 103 (with 90 Republicans voting in favor of the bill), the Secure and Fair Enforcement Banking Act of 2019 (SAFE Banking Act), H.R. 1595. The SAFE Banking Act represents the first piece of stand-alone cannabis legislation to be voted on in Congress. The legislation, in short, would allow banks to work with cannabis businesses and their service providers without risk of violating federal law.
At the state level, federal and state agencies across law enforcement, food and drug safety, health, agriculture and banking are responding with new policies and regulations. As banks and other financial institutions are gearing up for potential massive involvement in the cannabis industry, it’s critical for banks to understand the challenges and best practices for banking these higher-risk customers.
- The five requirements for developing a cannabis-related compliance program.
- Establishing internal alignment
- Practical strategies for managing MRB risk
- Resources and management of...
- SAR filings
- Due diligence
- Training Considerations and Needs assessment (handout/survey)
Dena Somers, ESQ, Founder finreg PARTNERS
Dena Somers is a highly regarded bank consultant and compliance attorney. She has provided regulatory compliance and risk management consulting services to financial institutions and companies in highly regulated industries nationwide for more than 20 years. Her areas of expertise include consumer and mortgage lending compliance, Fintech and specialty finance, regulatory compliance training, business strategy and best practice advisement, and corporate governance.
Throughout her career, Ms. Somers has advised hundreds of banking and financial institutions— ranging from local community banks to $50 billion financial holding companies— to achieve operational efficiency while ensuring regulatory compliance. Previously, Ms. Somers served as General Counsel to a national mortgage servicing company, Fintech lender, national money service business, and has represented financial institutions in a broad array of complex litigation matters for more than 15 years. Additionally, Ms. Somers is a published author for Lexis Nexis in the areas of Bank Teller training, loan policies, and loan documentation training.
Attendance verification for CE credits provided upon request.
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