With the House expected to vote on the SAFE Banking Act as early as next week, the American Bankers Association today joined three financial trade associations in urging lawmakers to pass the bill, which would allow depository institutions to serve the needs of customers in states where cannabis is legal.
Senate Banking Committee Chairman Mike Crapo (R-Idaho) signaled today that he will hold a committee vote on a bill that would help financial institutions serve marijuana-related businesses in states with legal cannabis.
On the latest episode of the ABA Banking Journal Podcast, Mark Haden talks about how Colorado National Bank developed a program to provide deposit services to cannabis-related customers in its home market of Denver.
In testimony today before the Senate Banking Committee, American Bankers Association banker Joanne Sherwood urged lawmakers to pass the bipartisan SAFE Banking Act, which would allow financial institutions to serve cannabis-related businesses in states that have legalized the drug.
In a joint op-ed in Fox Business today, ABA President and CEO Rob Nichols and Credit Union National Association President and CEO Jim Nussle called on lawmakers to resolve the existing conflict between federal and state law with respect to proceeds from cannabis-related businesses.
In a letter to the heads of the financial regulatory agencies on Friday, the American Bankers Association called for greater clarification on how banks may serve businesses dealing with hemp.
The Congressional Budget Office on Friday released its cost estimate for H.R. 1595, the ABA-backed SAFE Banking Act that would allow banks to serve legitimate cannabis businesses in states that have legalized the drug.
The 51 state bankers associations today urged the Senate Banking Committee to hold hearings on legislative solutions to the conundrum faced by banks in states where marijuana has been legalized.
In letter to congressional leaders today, a bipartisan group of 38 state attorneys general urged lawmakers to advance legislation allowing banks to serve marijuana-related businesses in states where the drug is legal.
In a letter to Senate members on Friday, ABA offered support for S. 1200, the Secure and Fair Enforcement Banking Act—a bipartisan Senate bill introduced by Sens. Jeff Merkley (D-Ore.) and Cory Gardner (R-Colo.) that would enable financial services for legitimate cannabis-related businesses.