Major Financial Association And 44 State Partners Demand Marijuana Banking Vote

Major Financial Association And 44 State Partners Demand Marijuana Banking Vote

Nov 29, 2022 | Blog, News

A major national banking association, along with 44 state partners, is asking Senate leadership to bring a House-passed marijuana banking reform bill to a vote on the floor “without further delay.”

In a letter sent to Senate Majority Leader Chuck Schumer (D-NY) and Minority Leader Mitch McConnell (R-KY) on Monday, the Independent Community Bankers of America (ICBA) asked for urgent consideration of the Secure and Fair Enforcement (SAFE) Banking Act, before the end of the year.

“The SAFE Banking Act is essential for the ongoing ability of community banks to effectively serve their communities,” the letter says. “The Act would also alleviate the significant threat to public safety posed by cash intensive CRBs effectively being shut out of the banking industry.”

ICBA said that the legislation should be advanced during the lame duck session either as a standalone bill or as an amendment to another proposal. Schumer has been working to finalize a package of marijuana reform legislation that’s expected to contain the language of the SAFE Banking Act, as well as a separate bipartisan proposal on expunging prior cannabis convictions.

Read the rest here at Marijuana Moment

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House passes SAFE banking act for cannabis commerce

House passes SAFE banking act for cannabis commerce

Apr 20, 2021 | Blog, Federal Laws, News

The U.S. house just passed the The SAFE Banking Act (H.R.1996 — 117th Congress 2021-2022). The act would establish a safe space for financial institutions to engage in cannabis commerce.

See the roll call and data of the vote here.

The SAFE Banking Act is a first step in ensuring that state regulated markets can operate openly in the banking system. Still according to federal law these state markets are running a criminal enterprise as marijuana is still (as of 4/20/21) on the controlled substance list as a CS1. But the IRS still want it’s money anyway and reminded marijuana businesses through the IRS 280E that they are illegal and still have to pay taxes.

Summary: H.R.1996 — 117th Congress (2021-2022)

Secure and Fair Enforcement Banking Act of 2021 or the SAFE Banking Act of 2021

This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. Prohibited penalties include terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate cannabis-related business and prohibiting or otherwise discouraging a depository institution from offering financial services to such a business.

Additionally, proceeds from a transaction involving activities of a legitimate cannabis-related business are not considered proceeds from unlawful activity. Proceeds from unlawful activity are subject to anti-money laundering laws.

Furthermore, a depository institution is not, under federal law, liable or subject to asset forfeiture for providing a loan or other financial services to a legitimate cannabis-related business.

The bill also provides that a federal banking agency may not request or order a depository institution to terminate a customer account unless (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk. Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism.

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