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Marijuana Banking Bill
The Secure and Fair Enforcement legalization bill is on the House floor. The 2019 bill, sponsored by Rep. Ed Perlmutter (D-Colo.) was introduced to remove the vague area of marijuana banking rules on the federal level.
On September 25, 2019, debate of the bill is expected to start around 2:30 p.m. Eastern Time, and a vote could happen between 5-6 p.m. Eastern Time. These times are subject to change.
The Democratic House of Representatives is expected to pass the bill, but could face challenges in the Republican controlled Senate.
Because marijuana is illegal under federal law, financial institutions avoid doing business with dispensaries and marijuana businesses in legal states. Banks fear they will be penalized by the federal government.
SAFE Banking Act 2019
Secure and Fair Enforcement Banking Act of 2019
“This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate marijuana-related business.
Specifically, the bill prohibits a federal banking regulator from:
(1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate marijuana-related business;
(2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business;
(3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business;
(4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased or sold to such a business; and
(5) penalizing a depository institution for processing or collecting payments for such a business.
As specified by the bill, a depository institution shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana-related business."
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