DENVER BUSINESS JOURNAL - Banks still don't want pot money, despite U.S. Attorney General Eric Holder's promise on Jan. 24 that the Obama administration "soon" will issue guidelines allowing banks to do business with marijuana sellers.
Bankers continue to argue that federal laws and regulations preclude financial institutions from banking marijuana businesses because pot is still a controlled substance under federal law.
They said even new guidelines from the president won't be enough to convince them otherwise.
"In spite of comments by U.S. Attorney General Holder, I believe there is nothing the executive branch can do to change this," said Don Childears, president and CEO of the Colorado Bankers Association.
"The resolution of this requires, literally, an act of Congress, which isn't likely in the near future."Barbara Walker, executive director of the Independent Bankers of Colorado, agrees.
Read the full story on the Denver Business Journal: http://bit.ly/1nmsHzW.