ICBA, 43 State Associations Urge House Vote on Cannabis-Banking Bill

Sep 17, 2019
ICBA and its 43-state banking association affiliates wrote to House leaders urging them to schedule a full vote on the Secure and Fair Enforcement Banking Act of 2019 (H.R. 1595), which creates a safe harbor for financial institutions that serve cannabis-related businesses in states where cannabis is legal.

“Legal and regulatory uncertainty has curtailed access to the traditional banking system for CRBs and forced them to operate mostly in cash,” the associations wrote.

Creating a safe harbor would reduce the risk associated with these largely cash-based businesses, bring their operations into the compliance framework, and would extend protections to the many ancillary businesses that serve CRBs such as landlords, accountants, and utility providers, which may be difficult to identify in states where cannabis is legal.

ICBA will continue working with lawmakers to advance (H.R. 1595) and its companion legislation in the Senate (S.1200). Community banks are encouraged to use ICBA’s grassroots action alert to weigh in on this important topic.

Read ICBA Statement