The House passed ICBA-advocated legislation to establish a cannabis-banking safe harbor in states where cannabis is legal. Following ICBA-led grassroots outreach, the SAFE Banking Act (H.R. 1595) passed by a bipartisan vote of 321-103.
"ICBA and the nation’s community banks applaud the House of Representatives 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. "The cannabis-banking safe harbor is a high priority for ICBA—the first national banking trade group to support this legislation and to testify before a congressional committee on its behalf."
The debate now heads to the Senate. ICBA will continue working with policymakers and community bankers to advance this legislation in that chamber.
Read ICBA Release