Spin Control

Govs send joint letter to feds on pot banking

OLYMPIA -- Governors from Washington and Colorado sent a letter to federal banking officials trying to get them to get a move on and develop rules for recreational marijuana businesses.

In their joint letter (insert expected marijuana joke here), Jay Inslee and John Hickenlooper reminded the heads of the Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration and the comptroller of the currency of a letter the governors sent last October, asking for banking policies in line with the Justice Department's memo on marijuana in states that have legalized it.

The banking officials, or their predecessors, responded last November with their own joint letter (insert second marijuana joke here) and issued some guidance in February on marijuana businesses. But they have yet to come up with instructions to banks and credit unions on how to provide banking services to state-licensed marijuana businesses.

"In the meantime, product sales have begun in Colorado and will soon begin in Washington, exposing all involved to significant risks of criminal activity associated with accepting, storing and transporting large quantities of cash that can be ameliorated by access to the banking system," the governors wrote.

They asked bank officials "expeditiously" provide guidance to the banking institutions.

Washington expects to have some recreational marijuana stores open in late June or early July.

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