Washington, D.C. (Feb. 7, 2022) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the House’s latest passage of legislation to establish a cannabis banking safe harbor.
“ICBA and the nation’s community banks applaud the House of Representatives for again passing the Secure and Fair Enforcement (SAFE) Banking Act. This bipartisan legislation would establish a much-needed safe harbor for financial institutions that serve cannabis-related businesses in states that have legalized cannabis for medical or recreational use.
“The vote to include the measure as an amendment to the America COMPETES Act marks the sixth time the House has passed the ICBA-advocated cannabis bill, which would facilitate equitable access to the banking system for cannabis-related businesses, reduce the industry’s reliance on cash and mitigate related public safety risks, while also addressing significant legal and compliance uncertainty for community banks.
“With the SAFE Banking Act supported by more than 40 bipartisan Senate co-sponsors, ICBA is urging the Senate to keep this amendment in the America COMPETES Act during conference committee deliberations.
“As the first national banking trade group to support the SAFE Banking Act and to testify before Congress on its behalf, ICBA looks forward to continuing to work with policymakers to enact this important community banking industry priority.”
For more information, visit icba.org.
About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
###
