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Banking guidance offered on hemp

Four federal agencies and state bank regulators clarify legal status of hemp growth and production.

A joint statement issued by the Federal Reserve Board, the Federal Deposit Insurance Corp., the Financial Crimes Enforcement Network (FinCEN), the Office of the Comptroller of the Currency and the Conference of State Bank Supervisors noted that banks are no longer required to file suspicious activity reports for customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations.

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TAGS: Policy
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