When autocomplete results are available use up and down arrows to review and enter to select.
Senate Democrats introduced sweeping legislation to end federal cannabis prohibitions, potentially paving the way for an ICBA-advocated cannabis banking safe harbor.
Senate Bill: Introduced by Senate Majority Leader Chuck Schumer (D-N.Y.), the new legislation to decriminalize cannabis at the federal level and allow states to set their own laws lacks bipartisan support and is unlikely to pass the Senate.
Moving Ahead: The introduction of the Senate bill could nonetheless begin the process of advancing the bipartisan SAFE Banking Act in the upper chamber. The ICBA-advocated bill, which would establish a cannabis banking safe harbor in states where cannabis is legal, has passed the House seven times—most recently last week as part of a defense authorization bill.
Safe Harbor: The cannabis banking safe harbor is designed to address a conflict between state and federal law that presents legal uncertainty for community banks, inhibits access to the banking system for cannabis-related businesses, and creates public safety concerns by forcing these businesses to rely on cash.
Next: While ICBA continues advocating passage of the SAFE Banking Act in the Senate, community bankers can weigh in with their lawmakers using ICBA’s Be Heard grassroots resource center.