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Effective Now! New FFIEC Guidelines for Banking Hemp-Related Businesses

Jul 27 2:00 PM - Jul 27, 2020 3:30 PM
Jul 27, 2020 2:00 PM - 3:30 PM
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Banking hemp-related businesses just got easier! New FinCEN guidance provides clarity and outlines specific requirements for due diligence and hemp-related SARs.  Learn the ins and outs with this timely webinar.

Learning Objectives

  • Distinguish between a hemp business and a marijuana business under federal law
  • Understand when you should file a standard SAR in lieu of a “marijuana” SAR 
  • Conduct the specific due diligence required on a hemp business
  • Explain the specific information and documentation your credit union must collect for a hemp business
  • Define the differences in your credit union’s requirements for a hemp business versus a marijuana business

It is crucial for your credit union to understand the law for banking hemp and/or marijuana businesses. On June 29, 2020, FinCEN issued a new guidance which is intended to “enhance the availability of financial services for, and the financial transparency of, hemp-related businesses.”  This new guidance provides clarity to previous interagency statements. It sets forth your credit union’s specific due diligence requirements and SAR reporting requirements for hemp-related businesses. In fact, this guidance can make your credit union’s process easier, but you need to understand how it works. This webinar will explain it all in detail.

Agenda

Speakers

Elizabeth Fast, JD, CPA, Spencer Fane LLP 

Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions.  Elizabeth is the head of the firm’s training division.  She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant.  Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.  She is a member of the Missouri State Banking Board by appointment of the Governor.  

Location

Fees

$259.00

Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Operations
  • Member Service
  • Compliance