ICBA emphasizing cannabis safe harbor benefits to Crapo

Jan 28, 2020

ICBA is urging Congress to focus the debate over cannabis banking specifically on establishing a federal safe harbor for banks that serve cannabis-related businesses, American Banker reported. The article notes that ICBA is emphasizing the public safety and compliance benefits of the safe harbor to Senate Banking Committee Chairman Mike Crapo (R-Idaho).

Responding to Crapo's request for feedback on the bipartisan SAFE Banking Act (H.R. 1595/S. 1200), which the House passed last fall, ICBA said the bill is a narrowly crafted solution to a growing problem. In requesting feedback, Crapo said he does not support the version of the bill passed by the House and has concerns related to money laundering and cannabis marketing and research.

Community bankers can continue to use ICBA's Be Heard grassroots action center to urge the Senate to bring the bill to the floor for a vote.