Independent Banker - July 2024 - 24

PORTFOLIO
◎FOCUS BANKING
Navigating compliance
in cannabis banking
With potential regulatory guidance for cannabis banking on the horizon,
these community banks are positioning themselves strongly and safely
within this growing industry. By Judith Sears
his past September, the Senate
Banking Committee passed
the Secure and Fair Enforcement
Regulation (SAFER) Banking Act on
a bipartisan basis. Advocates hailed
the vote as the biggest advance to date
toward a safe harbor at the federal
level for cannabis-related businesses
(CRBs) and banks. As of this writing,
the bill's prospects for becoming law
appear remote but not impossible.
While industry observers view the
SAFER Banking Act as an advance
for CRBs, they also predict that
its enactment would have limited
impact on CRB banking. Compliance
costs, for example, are expected to
remain high. Community banks must
undertake considerable due diligence
T
to bank CRBs-and that won't change.
" There's a lot of tracking of where
funds come from and go to and a lot of
investigation of the people associated
with the business, " explains Troy
A. Peters, president and CEO of
$895 million-asset Jonestown Bank &
Trust Co. (JBT) in Jonestown, Pa. " It's
a lot of work. You have to dedicate a
lot of resources to it. "
Ben Shreffler, AVP, BSA CRB
customer success for $1.7 billion-asset
Regent Bank in Tulsa, Okla., agrees.
" You need a team at the financial
institution that has the resources and
ability to delve into the business and
have policies and procedures in place
Ben Shreffler (right),
Regent Bank's AVP, BSA
CRB customer success,
speaks with Cassidy
Staton, Tulsa regional
manager of Mango
Cannabis (opposite).
24 // ICBA Independent Banker // July 2024
Photos courtesy of Mango Cannabis

Independent Banker - July 2024

Table of Contents for the Digital Edition of Independent Banker - July 2024

Contents
Independent Banker - July 2024 - Cover1
Independent Banker - July 2024 - Cover2
Independent Banker - July 2024 - Contents
Independent Banker - July 2024 - 2
Independent Banker - July 2024 - 3
Independent Banker - July 2024 - 4
Independent Banker - July 2024 - 5
Independent Banker - July 2024 - 6
Independent Banker - July 2024 - 7
Independent Banker - July 2024 - 8
Independent Banker - July 2024 - 9
Independent Banker - July 2024 - 10
Independent Banker - July 2024 - 11
Independent Banker - July 2024 - 12
Independent Banker - July 2024 - 13
Independent Banker - July 2024 - 14
Independent Banker - July 2024 - 15
Independent Banker - July 2024 - 16
Independent Banker - July 2024 - 17
Independent Banker - July 2024 - 18
Independent Banker - July 2024 - 19
Independent Banker - July 2024 - 20
Independent Banker - July 2024 - 21
Independent Banker - July 2024 - 22
Independent Banker - July 2024 - 23
Independent Banker - July 2024 - 24
Independent Banker - July 2024 - 25
Independent Banker - July 2024 - 26
Independent Banker - July 2024 - 27
Independent Banker - July 2024 - 28
Independent Banker - July 2024 - 29
Independent Banker - July 2024 - 30
Independent Banker - July 2024 - 31
Independent Banker - July 2024 - 32
Independent Banker - July 2024 - 33
Independent Banker - July 2024 - 34
Independent Banker - July 2024 - 35
Independent Banker - July 2024 - 36
Independent Banker - July 2024 - 37
Independent Banker - July 2024 - 38
Independent Banker - July 2024 - 39
Independent Banker - July 2024 - 40
Independent Banker - July 2024 - 41
Independent Banker - July 2024 - 42
Independent Banker - July 2024 - 43
Independent Banker - July 2024 - 44
Independent Banker - July 2024 - 45
Independent Banker - July 2024 - 46
Independent Banker - July 2024 - 47
Independent Banker - July 2024 - 48
Independent Banker - July 2024 - 49
Independent Banker - July 2024 - 50
Independent Banker - July 2024 - 51
Independent Banker - July 2024 - 52
Independent Banker - July 2024 - 53
Independent Banker - July 2024 - 54
Independent Banker - July 2024 - 55
Independent Banker - July 2024 - 56
Independent Banker - July 2024 - 57
Independent Banker - July 2024 - 58
Independent Banker - July 2024 - 59
Independent Banker - July 2024 - 60
Independent Banker - July 2024 - 61
Independent Banker - July 2024 - 62
Independent Banker - July 2024 - 63
Independent Banker - July 2024 - 64
Independent Banker - July 2024 - 65
Independent Banker - July 2024 - 66
Independent Banker - July 2024 - 67
Independent Banker - July 2024 - 68
Independent Banker - July 2024 - 69
Independent Banker - July 2024 - 70
Independent Banker - July 2024 - 71
Independent Banker - July 2024 - 72
Independent Banker - July 2024 - 73
Independent Banker - July 2024 - 74
Independent Banker - July 2024 - 75
Independent Banker - July 2024 - 76
Independent Banker - July 2024 - Cover3
Independent Banker - July 2024 - Cover4
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com