CO SR003

Colorado voters approved Amendment 64 in 2012, legalizing recreational marijuana with 55.23% support (approximately 1.38 million votes), but federal law still classifies marijuana as a Schedule I controlled substance, prohibiting banks from serving these legal businesses.

Federal laws including the Controlled Substances Act, Bank Secrecy Act, and USA PATRIOT Act, combined with directives from federal agencies (Federal Reserve, FDIC, OCC, NCUA), prevent financial institutions from accepting deposits from marijuana and hemp businesses.

Current federal guidance (Cole Memo and FinCEN memo) provides no enforceable legal protection for banks serving marijuana businesses, can be reversed by future administrations, and does not override existing federal laws that characterize such deposits as money laundering.

Legal marijuana businesses in Colorado and other states operate as cash-only enterprises, unable to accept credit/debit cards, creating security risks, limiting tax collection audits, and potentially attracting organized crime involvement.

The resolution urges Congress to pass comprehensive federal legislation authorizing banks and credit unions to serve legal marijuana and hemp businesses, as the executive branch cannot solve the problem while marijuana remains federally illegal.