A federal safe harbor for banks that offer direct or indirect services to cannabis-related businesses that comply with state law is a narrowly crafted solution to a growing problem, ICBA told Senate Banking Committee Chairman Mike Crapo (R-Idaho).
Responding to Crapo's request for feedback on ICBA-advocated legislation to establish a cannabis-banking safe harbor, ICBA said the bill would ensure community banks can serve their communities and promote public safety without fear of legal and compliance risk.
The bipartisan SAFE Banking Act (H.R. 1595/S. 1200), which the House passed last fall, would bar federal banking regulators from penalizing banks that serve these businesses in states where cannabis is legal. In requesting feedback last month, Crapo said he does not support the version passed by the House and has concerns related to money laundering and cannabis marketing and research.
With the Senate next in line to consider cannabis-banking legislation, ICBA will continue working with Crapo and other senators to explain the benefits of the bill. Community bankers can use ICBA's Be Heard grassroots action center to urge the Senate to bring the bill to the floor for a vote.
Read ICBA's Letter