DIFS Must Give Banks Guidance On Pot Business Under Budget
The state must issue guidance to banks and other financial institutions about how to handle the money of marijuana-related businesses, under boilerplate language pending in the Michigan Department of Insurance and Financial Services (DIFS) budget.
The direction is seen as encouraging from one marijuana industry group to help address the issue of marijuana businesses finding it hard to bank, which is attributed to pot’s classification as a prohibited Schedule I drug at the federal level. That’s created the logistical and safety issue of a growing industry being conducted in mostly cash.
“It’s very much appreciated that the legislature is doing its part to ensure Michigan’s licensed cannabis businesses have access to the same financial institutions as other legal business,” said Josh HOVEY, spokesperson for the Michigan Cannabis Industry Association (MCIA). “Hopefully, the guidance DIFS offers next year will encourage more banks to open their doors to our industry.”
However, Hovey said the legalization of marijuana at the federal level “would be even more helpful.” He said the U.S. House this week passed the SAFE Banking Act, legislation designed to protect banks and credit unions from penalties if they accept deposits from cannabis-related businesses (See “Will Legalized Pot Generate Lots Of Cash? Bank On It,” 5/14/19).
Patricia HERNDON, executive vice president of government relations for the Michigan Bankers Association (MBA), said banks are regulated at the federal level. Rescinding of the so-called “Cole memo” by the federal government under President Donald TRUMP removed “protections for financial institutions with regard to what is considered federal money laundering of funds from state legal, federally illegal cannabis transactions,” she said.
So while Herndon said banks welcome any sort of governmental guidance when it comes to doing business with cannabis, she thinks it will be difficult for a state regulator to draft guidance on marijuana businesses, specifically.
The language in SB 0141 specifically requires DIFS, by Jan. 1, 2020, to “draft and issue an examination manual and letter of guidance” to state-chartered financial institutions that choose to provide banking and financial services to marijuana-related businesses.
DIFS spokesperson Andrea MILLER said the department was not involved in the drafting of this boilerplate language and said it was added “during the end stage of the budget process.”
DCD was happy to sponsor the annual Salute to Warriors event at the home of Sam Kassab, President of Guardian Angels Home Health Care.
Hundreds of individuals joined in the festivities to support our Michigan Veterans! It was a wonderful night honoring two Veterans, one from the Gulf War and one from WWII. Attendees were able to enjoy the changing of the flag, wonderful food and deserts and quality time with our great veterans.
SALUTE OUR WARRIORS, was held on Thursday, July 11th, 2019. Many elected officials, business and community leaders were in attendance. All the donations raised support the Fallen and Wounded Soldiers Fund that is for Michigan service members who serve & protect our country.
Additionally, the fund helps others see the good our service men and women do through their accomplishments and the sacrifices they make on our behalf. They are a non-profit, non-partisan 501(c) (3) organization. Their members do not receive any financial compensation for their efforts.
FWSF is all volunteer effort, with everyone working from the kindness of their hearts and dedicated to supporting our armed forces. They are honored to help families with their expenses, to visit their injured loved ones in hospitals as well as supporting handicapped victims, and the spouses and children of those fallen soldiers.
Founding Partner/CEO Contact: mat@dunaskiss.biz Specialties: Communication, connections, and lobbying Education: Bachelors in Education, University of Michigan & Masters in Education, University of Michigan
Dunaskiss Consulting & Development Inc. (DCD) was founded by former Michigan State Senator and Representative, Mat Dunaskiss. Mat has 35 years of experience with Michigan State Government. He served as a State Representative from 1981 to 1990 and served in the Michigan State Senate from 1991 to 2002. During his term as Senator he was the Chairman of the Technology and Energy Committee and authored the first bill to deregulate the telecommunications industry. During Mat’s term in the House he served as Minority Chair of Health Policy.
Throughout his tenure in the Capitol, Mat served on the leadership team for his caucus and was instrumental in policy decisions. He has developed close working relations with members of the legislature and executive offices. His extensive knowledge of the legislature, the political process, and his network of contacts make him and his firm a highly effective presence in Lansing and Washington DC!
Administrative Advisor Contact: ddunaskiss@gmail.com Specialties: Education, Special Education, and Education Administration Education: BS, Elementary Education & Education Administration Certificate (Wayne State University)
Diane Dunaskiss, just completed her third term on Wayne State University Board of Governors. She was the only Republican to win three statewide elections for the Wayne State Board. Diane earned her Bachelor of Science Degree in Elementary Education and her Education Administration Certification at Wayne State. Because she believes in giving back, she sought to serve on the board of her alma mater.
During her tenure, Diane was instrumental in supporting strategies to increase graduation rates, for which Wayne has received national recognition. She opposed the adoption of an unprecedented eight year union contract that was negotiated to avoid the Right to Work act passed by the legislature in 2013. During the last three years there has been a successful effort to remove unproductive faculty and put in place measures for increased accountability. Last year, Wayne engaged in a major public-private sector partnership for the management of on campus housing.
Diane was a special education teacher and an administrator for Lake Orion Community Schools. She brings her education expertise to her role as chair of the Academic Affairs Committee. Her experience as a small business owner gives her the perspective of the private sector when addressing the financial issues facing the university. Diane feels that as an educator, a woman, and a conservative, she provides a valuable and unique perspective as the Board attempts to find solutions to the complex problems facing higher education and maintain educational excellence. Diane belongs to the Greater Oakland Republican Club (GO-GOP), serves as Trustee and Vice President for the Lake Orion Education Foundation and is the immediate past president of the Lake Orion Rotary Club.
Diane and her husband, former state senator Mat Dunaskiss, reside in Lake Orion. They have three children and four grandchildren.
Justin Dunaskiss is Partner and Chief Operating Officer at Dunaskiss Consulting & Development (DCD), a full-service, multi-client governmental affairs, lobbying, and consulting organization. A graduate of Michigan State University, Justin holds dual degrees in Business Management and Political Science. Before joining DCD, Justin was a commercial real estate executive with vast knowledge of planning and zoning. He also spent five years working for a multi-national corporation, where he grew their market share in six key markets for five years running.
Since the 2013-2014 Michigan legislative session, Justin and his firm have been at the forefront of medical cannabis policy in the State of Michigan. Justin and his firm have true passion and erudition about the MMFLA and look forward to transitioning that same energy into the newly recognized recreational marihuana market.
In addition to his work with legislators, regulators, and stakeholders in the drafting and passage of policy, Justin also serves as Chairman of the Orion Township Planning Commission, where he puts his impressive leadership skill set to work for the betterment of his community.
Justin and his wife, Elisa, reside in Lake Orion where they are raising their two children, Lyla and Grayson.
Legislative Director Contact: jenn@dunaskiss.biz Specialties: Organizational skills and networking, fulfillment and distribution management, information technologies business liaison, and customer service specialist Education: Oakland Community College
Jenn Zielinski is an integral part of the DCD organization, bringing 20+ years of corporate experience to our flourishing firm. She has been instrumental in developing and implementing internal procedures and streamlining processes. In addition to her organizational skills, she is invaluable when it comes to networking, communicating and corresponding with political figureheads, clients, and the DCD team. Her leadership and positive attitude has been and continues to be a driving force for the DCD team.
Administrative Assistant Contact: lisa@dunaskiss.biz Specialties: Organizational Skills Education: Johnson and Wales University
Lisa Hutchison has lived in Lake Orion for 25 years where she raised 3 children and was very involved in the school system where her children attended. From fundraising, to organizing school functions, Lisa continued her involvement by assisting with local bonds and election campaigns. After helping her husband to grow his business, she began working at DCD and used her organizational skills to fill a multi-faceted administrative role.
Associate Lobbyist Contact: jamie@dunaskiss.biz Specialties: Small business, graphic design, cannabis policy, and health policy Education: Associates Degree in Liberal Art, Oakland Community College
Jamie is a small business owner and artist from Lake Orion, Michigan. She specializes in marketing, electronic communications, research social media, and graphic design.
Government Relations Administrator Contact: erin@dunaskiss.biz Specialties: Organizational, writing, and customer service skills Education: Bachelor of Arts, Arts & Humanities (Michigan State University) & Bachelor of Arts, History (Michigan State University)
Erin Lammers is a recent graduate who occupies a versatile role investigating markets, managing client updates, and evaluating facility applications at the state and local levels. She loves discussing social justice issues and visiting museums – her dream is to help incorporate marginalized narratives into public spaces through educational outreach. She was drawn to DCD for its legacy of passionate health advocacy and grassroots economic development on behalf of under-resourced populations. Her love of reading historical analyses and attending poetry slams is eclipsed only by thrift shopping.
Communications Associate Contact: jake@dunaskiss.biz Specialties: Client Communications, Writing, and Custom Business Plans Education: B.A., Hillsdale College 2004
Jake brings vast experience as a writer and telecommunications executive to DCD. In the past, he has worked as a research assistant to the President of Hillsdale College as well as working closely with Sir Martin Gilbert, the official biographer of Sir Winston Churchill. For the past eight years, he has served as President and Managing Partner of Five Lakes Communications, a small Birmingham, MI based VoIP telecom company he founded with a partner in 2011. His expertise as a writer and communicator help to add value to the firm and their clients seeking turn-key communications solutions.
The state must issue guidance to banks and other financial institutions about how to handle the money of marijuana-related businesses, under boilerplate language pending in the Michigan Department of Insurance and Financial Services (DIFS) budget.
