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About one month ago, just past the middle of April, lawmakers introduced the SAFE Banking Act. It had been long anticipated and it took eight rounds of votes. The bill finally achieved bipartisan support from 30 Senate members and more than 100 House members. This congressional support is still increasing. The first version of this bill was proposed by legislators more than two years ago, and the eighth vote took place on April 19th.
The House passed the Act three times, and their most recent vote was in the fall of 2019. It showed potential of passing but didn\’t make it to the Senate Banking Committee at that time. Currently, there is more bipartisan support. There are newly revamped calls for change from the Credit Union National Association, the American Bankers Association and prominent leaders in the cannabis industry.
Politicians drafted the SAFE Banking Act to protect banks and credit unions when they provide financial services to legal cannabis businesses. Under this Act, regulators cannot limit or terminate share or deposit insurance of a bank which provides financial services to cannabis businesses which are compliant with the laws. Regulators also cannot discourage or forbid financial institutions from providing services to cannabis businesses, or discourage offering financial services to account holders who are associated with a cannabis business. Furthermore, regulators cannot take action against a person who owns a cannabis business, or who owns real estate leased to a cannabis business.
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