Inspectors from federal oversight agencies have quietly told bankers during recent regulatory examinations that they could continue working with pot-related clients as long as the banks closely monitor that relationship, according to interviews with bank attorneys and other industry insiders.
Banks that closely follow federal law enforcement guidelines issued in February on maintaining marijuana business accounts are now seeing examiners "passively approve" of them.
That's a dramatic shift from past reviews in which bankers have said ended with them being discreetly told to ditch the drug-monied accounts or face unmentioned sanctions.