Bankers associations urge Competes Act conferees to advance cannabis banking bill 

As the House and Senate work to reconcile differences between their respective versions of the America Competes Act, the American Bankers Association and 51 state bankers associations today urged lawmakers to include the SAFE Banking Act in the final legislation. The SAFE Banking Act—which has been approved by the House six times with strong bipartisan support—would enable banks to serve legitimate cannabis businesses in states where it is legal.

“The SAFE Banking Act is a narrowly tailored solution designed to bring this growing industry into the regulated banking system and provide much-needed visibility into its financial activity,” the groups wrote, emphasizing that banks’ strong anti-money laundering and counter terrorist financing reporting requirements would increase transparency. The legislation would also enhance tax collection in states that have voted to legalize cannabis, they added.