Cannabis-Banking Bill Passes Committee

Mar 28, 2019
ICBA-supported legislation to establish a cannabis-banking safe harbor passed the House Financial Services Committee by a bipartisan vote of 45-15. ICBA recently advocated passage of the bipartisan Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595) in testimony before the panel’s Subcommittee on Consumer Protection.

The bill’s safe harbor from federal sanctions would apply to financial institutions and ancillary companies that serve cannabis-related businesses in states where cannabis is legal. The bill would apply solely to states that have legalized cannabis for medical or recreational use.

“ICBA and the nation’s community banks thank the House Financial Services Committee for advancing legislation to enhance public safety and address regulatory compliance concerns by opening the traditional banking system to cannabis-related businesses,” ICBA President and CEO Rebeca Romero Rainey said.

ICBA supported this legislation in the last Congress and will continue working with lawmakers to advance it in the House and Senate. Cannabis remains illegal at the federal level, and ICBA does not advocate its legalization.

Read ICBA Release
Read ICBA Support Letter