ABA, Industry Groups Call on Senate to Pass SAFE Banking Act

The American Bankers Association joined a coalition of housing and insurance groups in a letter to Senate Banking Committee leaders today urging them to provide a safe harbor for depository institutions seeking to serve legitimate cannabis related businesses in states where such activity is legal. The groups urged lawmakers to pass the SAFE Banking Act—the bipartisan bill that was passed by the House earlier this year by a vote of 321 to 103—or a similar measure in the coming days.

“A safe harbor will enable law enforcement and states to effectively monitor and regulate businesses while simultaneously bringing billions into the regulated banking sector,” the groups wrote. “The SAFE Banking Act is a critical first step to ensure that legal cannabis marketplaces are safe, legal, and transparent.”