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The House passed legislation with an ICBA-advocated amendment to establish a cannabis banking safe harbor, which community bankers can call on the Senate to pass.
Background: The SAFE Banking Act amendment would establish a safe harbor for financial institutions that serve cannabis-related businesses in states that have legalized cannabis for medical or recreational use.
House Vote: The amendment passed as part of the America COMPETES Act, which is designed to bolster U.S. trade competitiveness. The vote marks the sixth time the House has passed the ICBA-advocated cannabis bill, which has yet to be taken up in the Senate.
Outlook: While ICBA continues working to advance the amendment in the Senate, community bankers can use ICBA’s Be Heard grassroots action center to call on their senators to take up and pass the measure.