C_S wrote:
The state knows everything about you to register for legal marijuana use. They issue a state photo ID. So paying w/ a credit card is no issue of revealing one's identity, batman.
I reckon chi is correct. It's a matter of interstate transactions since this use isn't legal in most states. So national banks can't legally conduct this sort of bidness yet.
Quote:
So national banks can't legally conduct this sort of bidness yet
Correct, most banks and credit unions in the US are chartered under federal law, funds are guaranteed under federal guarantee agencies, therefore regulated by federal banking regulators.
So the federal laws against marijuana usage are applicable to how federally chartered banks conduct themselves.
IIRC there are some banks and credit unions that are state chartered and state regulated but most have opted into the federal banking insurance program, so even there federal law still has an impact.
I think that there are only a few states that have a state banking insurance fund.
I think that California was considering establishing one since many of the legal marijuana dispensers were crowing to the state about the difficulties they were experiencing not having access to federal banks.
Having to deal strictly in cash has meant having armored cars doing daily pickups from CA marijuan shops of hundreds of thousands of dollars in cash.....