Cannabis Financial Regulation:
A Brief History in Washington State
05.02.2022 – Washington State Officials Issue Joint Letter to Congress Urging Passage of SAFE Banking Act. LINK.
04.19.2022 – Inslee and Ferguson: SAFE Banking Act is a matter of life and death for WA pot businesses. LINK.
03.19.2022 – Washington State Treasurer urges Congress to pass SAFE Banking Act. LINK.
02.04.2022 – The U.S. House of Representatives passes the SAFE ACT as a section in H.R. 4521 – America COMPETES Act of 2022. That section was subsequently struck by the U.S. Senate. The House and Senate are attempting to resolve their differences in conference. LINK
04.01.2022 – The U.S. House of Representatives passes H.R. 3617 -- Marijuana Opportunity Reinvestment and Expungement or the MORE Act. It must receive 60 Yes votes to pass the U.S. Senate. If passed, this legislation will comprehensively legalize cannabis, including removing it from the list of controlled substances under the Controlled Substances Act. LINK
09.24.2019 – State banking regulators, including DFI, send letter to Congress in support of SAFE Banking Act LINK.
06.13.2019 – Gov. Jay Inslee and 19 other governors send letter to Congress in support of SAFE Banking Act. LINK.
04.15.2019 - State financial regulators, including DFI, send congress letter urging marijuana banking fix. LINK.
08.24.2018 – DFI signs multi-state letter to congress requesting legislation regarding financial institutions and legal marijuana businesses. LINK.
06.07.2018 - Engrossed Substitute Senate Bill 5928 takes effect. An act relating to making financial services available to marijuana producers, processors, retailers, qualifying patients, health care professionals, and designated providers. LINK.
01.05.2018 - U.S Attorney Joseph Harrington issues statement on federal marijuana enforcement policy in the Eastern District of Washington. LINK.
01.04.2018 – U.S. Attorney Annette L. Hayes issues statement on federal marijuana prosecutions in the Western District of Washington. LINK.
01.04.2018 – U.S. Attorney General Jeff Sessions issues memo on marijuana enforcement. The memo rescinds the previous Cole Memos. LINK.
09.29.17 – Washington state officials meet with U.S. Department of Justice to discuss marijuana policy. LINK.
10.28.14 - Monty Wilkinson, Director of the Executive Office for U.S. Attorneys, issues statement regarding marijuana issues in Indian Country. LINK.
10.16.14 – Washington State Liquor and Cannabis Board issues letter to financial institutions regarding cannabis accounts. LINK.
08.13.14 – Federal financial regulators issue written response to Gov. Inslee's request for examination guidance. LINK.
07.18.14 – NCUA sends letter to DFI Director Scott Jarvis regarding FinCEN guidance. LINK.
06.27.14 – FDIC sends letter to DFI Director Scott Jarvis regarding FinCEN guidance. LINK.
06.23.14 – DFI issues FAQs regarding providing banking services to marijuana related businesses. LINK.
05.23.14 - Governors Inslee and Hickenlooper send letter to federal regulators regarding marijuana guidance. LINK.
03.5.14 – Congress members send letter to Fed Chair Janet Yellen regarding banking marijuana related businesses. LINK.
02.14.14 – DFI sends letter to banks and credit unions regarding marijuana related businesses. LINK.
02.14.14 – FinCEN issues guidance regarding marijuana related businesses. LINK.
02.14.14 – U.S. Department of Justice releases "Cole Memo 2" regarding marijuana related financial crimes. LINK.
11.19.13 – Alastair Fitzpayne, Assistance Secretary for Legislative Affairs Dept of Treasury, issues letter to Governors Inslee and Hickenlooper regarding marijuana guidance . LINK.
11.15.13 – Federal financial regulators issue letter to Governor Inslee regarding marijuana banking. LINK.
10.02.13 – Governors Inslee and Hickenlooper send letter to federal financial regulators regarding marijuana banking. LINK.
09.10.13 – Testimony of Governor Inslee and Washington Attorney General Bob Ferguson to Senate Judiciary Committee regarding marijuana related businesses. LINK.
08.29.13 – U.S. Department of Justice "Cole Memo 1" guidance regarding marijuana enforcement released. LINK.
08.29.13 – Attorney General Eric Holder sends letter to Governors Inslee and Hickenlooper regarding Cole Memo. LINK.
02.12.13 – Governor Inslee writes letter to Attorney General Eric Holder regarding I-502 implementation. LINK.
11.06.12 – Washington initiative I-502 passes. Initiative 502 defined and legalized small amounts of marijuana-related products for adults 21 and over. LINK.
06.29.11 – U.S. Department of Justice issues guidance regarding the Ogden Memo in jurisdictions seeking to authorize marijuana for medical use. LINK.