Federal banking agencies issue joint guidance confirming the legal status of hemp and the requirements for banks to provide financial services to businesses.

Four federal banking regulatory agencies have just issued joint guidance confirming the legal status of hemp and the requirements for banks providing financial services to businesses. The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency, as well as the Conference of State Bank Supervisors, issued a statement on Tuesday updating banks on the legal status of hemp. Senate Majority Leader Mitch McConnell (R-KY), a chief proponent of hemp legalization, took credit for the release of updated guidance. In April, he and Sen. Ron Wyden (D-OR) sent a series of letters to federal financial regulators requesting clarification on the legality of servicing hemp businesses. You can read the full text of the joint statement of guidance here: https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20191203a1.pdf