Marijuana-Related Business Banking Resources

Federal and State Government

Federal Deposit Insurance Corporation (FDIC): The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.

National Credit Union Association (NCUA): The NCUA is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.

Financial Crimes Enforcement Network (FinCEN): FinCEN is a bureau of the U.S. Department of the Treasury. FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

Maine Office of Marijuana Policy: The OMP is responsible for the oversight of all aspects of legalized marijuana, including Maine’s existing Medical Use of Marijuana Program.

Maine Bureau of Financial Institutions: The BFI supervises all state-chartered financial institutions including banks, credit unions, and nondepository trust companies.

Maine Department of Professional & Financial Regulation: The DPF regulates state-chartered financial institutions, the insurance industry, grantors of consumer credit, the securities industry, and numerous professions and occupations providing services to the public.


Laws and Guidance

BSA Expectations Regarding Marijuana-Related Businesses: The Financial Crimes Enforcement Network (“FinCEN”) guidance for and expectations of financial institutions seeking to provide services to marijuana-related businesses.

Maine Medical Use of Marijuana Act: Ensures and facilitates an efficient, responsible, and legal medical marijuana environment within the State of Maine.

Marijuana Legalization Act: The legalization of marijuana for recreational use, retail, sale, and taxation.


Compliance

METRC stands for Marijuana Enforcement Tracking Reporting & Compliance. It is a cloud-based compliance management solution used by marijuana-related businesses. The State of Maine has a contract with METRC to collect data for the Adult-Use program.