Among the bills scheduled for markup by the U.S. House Committee on Financial Services is the Secure and Fair Enforcement (SAFE) Banking Act, which would provide federal protection for banks serving state-legal marijuana businesses. The legislation, which has been dormant in Congress for several years, received its first committee hearing last month under the new Democratic-controlled House of Representatives. The bipartisan legislation has 138 co-sponsors in the House. It would prevent federal banking regulators from punishing banks for working with cannabis-related businesses that are complying with state laws.
Note: The bill also would require the Financial Institution Examination Council to develop guidance to help credit unions and banks understand how to lawfully serve cannabis businesses.