As we’ve written about over the past several years, there have been consistent rallying cries for common-sense banking reform for the cannabis industry.
The SAFE Banking Act, which would allow federally regulated financial institutions to work with state-legal cannabis businesses, has been passed by the U.S. House of Representatives a whopping seven times. However, the Senate has yet to take up the SAFE Banking Act, ever – despite the fact that it’s sponsored by Senator Jeff Merkley and has 42 co-sponsors.
The ICBA letter
The Independent Community Bankers Association (“ICBA”) is now urging Senate Majority Leader Chuck Schumer (D-NY) and Minority Leader Mitch McConnell (R-KY) to do something with the bill by the end of the year, in this lame duck session of Congress. The letter penned by the ICBA and 44 state banking associations states:
This legislation enjoys strong, bipartisan support, would resolve a conflict between state and federal law, and addresses a critical public safety concern. We urge its enactment without further delay … The Act would create a safe harbor from federal sanctions for financial institutions that serve cannabis-related businesses (CRBs), as well as the numerous ancillary businesses that serve them, in states and other jurisdictions where