Friday, March 29, 2019

House Committee Advances SAFE Banking Act

By a vote of 45 to 15, the House Financial Services Committee yesterday advanced the Secure and Fair Enforcement (SAFE) Banking Act, which would address the issue of providing financial services to cannabis-related businesses.

The SAFE Banking Act specifies that proceeds from “cannabis-related legitimate businesses” would not be considered unlawful under federal money laundering rules or other laws. It would also direct the Financial Crimes Enforcement Network and federal banking regulators to issue guidance and exam procedures for banks and credit unions that serve cannabis-related legitimate businesses.

Earlier this week, the American Bankers Association and the Credit Union National Association wrote a joint letter to members of the House Financial Services Committee in support of the SAFE Banking Act
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