The U.S. attorney general made waves last week when he said the Obama administration plans to give banks the go-ahead to make loans or open accounts for marijuana dispensaries in states where they’re legal without running afoul of federal laws, which still consider cannabis an illegal substance.
While the reassurance from Holder is nice, bankers say it’s not that simple.
Also, the DOJ directive wouldn’t be binding, and there have been past examples of prosecutors who disagree with similar guidance ignoring the directive. The next administration could also wipe it off the books. All it takes is one U.S. attorney to file criminal charges, and a bank could lose its charter and be forced to shut down.
With this in mind, for many banks — even with assurances from Justice as well as Treasury’s anti-money-laundering division — the risks still outweigh the rewards.