CSBS urges lawmakers to include SAFE Banking Act in Competes Act

As lawmakers attempt to reconcile the House and Senate versions of the America Competes Act, the Conference for State Bank Supervisors today advocated for the SAFE Banking Act to be included in the final version of the bill. The ABA-backed provision—which would enable banks to serve legitimate cannabis businesses in states where it is legal—was included in the House version of the Competes Act.

CSBS noted that allowing cannabis businesses to access banking services would help reduce risk, increase public safety and facilitate tax collection, among other things. “By granting a safe harbor for financial institutions, Congress can bring regulatory clarity to the financial services industry, address public safety concerns and ensure access to financial services for state-compliant marijuana and marijuana-related businesses,” said CSBS Acting President and CEO James Cooper.

ABA continues calling on all bankers to write to their members of Congress and urge them to support the inclusion of the SAFE Banking Act.

Share.