US (NY): Bill filed to give financial institutions access to business information

A New York senator wants to give banks in the state a little peace of mind about working with legal cannabis businesses, filing a bill on Tuesday that would allow regulators to disclose certain information about cannabis licensees to financial institutions.

The bill from Sen. Jeremy Cooney (D) is one of two pieces of legislation that he’s filing to address the cannabis banking issue, though the other has yet to be formally introduced.

It’s another example of how state lawmakers are taking matters into their own hands as Congress continues to stall on enacting a federal fix to more broadly protect banks and credit unions that service cannabis businesses from being penalized by financial regulators.

Cooney’s new bill, SB S8758, would take a modest step at the state level by authorizing the Office of Cannabis Management (OCM) to “share any and all information obtained from applicants and licensees…to requesting financial institutions for the purpose of consideration and compliance,” the text states.

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