House subcommittee to hold a hearing on cannabis banking 

Feb. 6, 2019 -- The House Consumer Protection and Financial Institutions Subcommittee will hold a hearing on cannabis banking next week (Wednesday, Feb. 13 at 2 p.m.). Either recreational or medicinal cannabis is legal in 33 states and D.C.  Because cannabis remains illegal under federal law, financial institutions in jurisdictions where cannabis is legal have sought legislation that would permit them to serve cannabis businesses.

In 2018, then-Attorney General Jeff Sessions rescinded the Obama-era Cole Memos, which directed federal prosecutors not to target marijuana businesses operating in state where it had been legalized. The rescinding of the Cole Memos has created a sense of urgency for a fix at the federal level.