ICBA urging grassroots outreach on cannabis banking bill

ICBA is calling on community bankers to urge their members of Congress to pass legislation before year-end that would establish a cannabis banking safe harbor in states where cannabis is legal.

Grassroots Campaign: With lawmakers working to reach a compromise on the ICBA-advocated SAFE Banking Act, community bankers can use ICBA’s Be Heard grassroots action center to weigh in with their lawmakers in support of the bill.

State Association Letter: In a joint letter this week, ICBA and its 44 affiliated state community banking associations called for Senate passage of the bill, noting the Senate version has 42 cosponsors while the House passed its version last year for the seventh time on a strong bipartisan vote.

Background: The cannabis banking safe harbor is designed to address a conflict between state and federal law that presents legal uncertainty for community banks and requires legal cannabis-related businesses to operate largely in cash, creating public safety risks.

Public Support: According to an ICBA poll conducted by Morning Consult and released earlier this year, 65% of voters support cannabis banking access and 71% agree that a banking safe harbor would help reduce the risk of robbery and assault at cannabis-related businesses.