ICBA urges cannabis banking safe harbor in Senate defense bill

ICBA called on senators to support the inclusion of an ICBA-advocated cannabis banking safe harbor as an amendment to a pending defense authorization bill.

Amendment Push: ICBA’s letter urges inclusion of the SAFE Banking Act amendment in the Senate version of the National Defense Authorization Act after it was included in the House-passed NDAA in September.

Bipartisan Support: The SAFE Banking Act has passed the House five times on a bipartisan basis, and the current Senate version of the bill has 40 bipartisan cosponsors.

Details: The legislation would establish a safe harbor for financial institutions that serve cannabis-related and numerous ancillary businesses in states that have legalized cannabis for medical or recreational use.