ABA, Groups Urge Crapo to Advance Cannabis Banking Bill

The American Bankers Association joined more than a dozen industry and advocacy trade organizations in a letter to Senate Banking Committee Chairman Mike Crapo (R-Idaho) today urging him act swiftly to advance the SAFE Banking Act, which would provide a safe harbor for depository institutions seeking to serve legitimate cannabis-related businesses in states where such activity is legal.

The bill was passed by a bipartisan majority in the House last year, but has since stalled in the Senate after Crapo in December expressed concerns about the bill related to public health and safety, legacy cash, money laundering and interstate commerce.

“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 letter said.