Mr. Liang is an associate in Davis Polk's Financial Institutions Group. Since joining the firm in 2018, he has completed a rotation in the Investment Management Group. [Full Bio]

A recent guilty conviction, after a jury trial, shows how complex and fraught the zigzag path to marijuana legalization is in the payments space. At a time when the federal government has signaled that criminal prosecutions in states that have legalized marijuana are a low to non-existent priority, this prosecution
Continue Reading Bank Fraud for Facilitating Marijuana Transactions

The House has voted to legalize marijuana on a federal level by passing the Marijuana Opportunity Reinvestment and Expungement Act (the MORE Act). The MORE Act is notable not only because it fully legalizes marijuana under federal law but because it was originally introduced by Senator (now Vice President-Elect) Harris


Continue Reading Post-Election Update: U.S. Federal Cannabis Legislation

The Senate Republicans recently released a proposal for Phase 3 of the government’s stimulus response to the coronavirus (COVID-19) emergency.  Our rush summary describes certain key portions of that proposal that we think will be of interest to our clients and friends. We cover the return of the money market
Continue Reading Senate Republicans Release a Stimulus Proposal to Combat Economic Impacts of Coronavirus

For hemp-related customers, banks no longer need to file suspicious activity reports according to a guidance statement issued by the Federal Reserve, FDIC, OCC and FinCEN, in consultation with the Conference of State Bank Supervisors. The descheduling of hemp from the Controlled Substances Act eliminates the need for banks to
Continue Reading Banking Hemp: The Banking Regulators Move Forward