Federal Bank Regulators Issue Joint Guidance on Hemp
Banking Law attorneys Travis Nelson and Gabriel Caballero dive into the joint guidance issued by federal bank regulators on providing financial services to customers engaged in hemp-related businesses. The guidance confirms that banks are free to provide banking services to the hemp industry just as they may for any other agricultural business. Specifically, the guidance affirms that banks are not required to file a Suspicious Activity Report on customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable law and regulations.