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Colorado, Washington Seek Banking Changes For Marijuana

OLYMPIA, Wash. (AP) – The governors of Washington and Colorado are asking the federal government for changes in banking regulations to allow marijuana-related banking and the states continue implementing their voter-approved legal marijuana industries.

In a letter sent Wednesday to federal banking regulators, Washington state Gov. Jay Inslee and Colorado Gov. John Hickenlooper wrote that access to the banking system by soon-to-be state-licensed businesses “is a necessary component” to ensure a highly regulated system.

The letter was sent to Jacob Lew, Secretary of the Treasury; Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve; Martin Gruenberg, Chairman of the Federal Deposit Insurance Corporation; Thomas Curry, Comptroller of the Currency in the Office of the Comptroller of the Currency; Richard Cordray, Director of the Consumer Financial Protection Bureau; and Debbie Matz, Chairman of the National Credit Union Administration.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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