Financial Trade Groups Urge House to Pass the Safe Banking Act

With the House expected to vote on the SAFE Banking Act (H.R. 1595) as early as next week, four financial trade associations urged lawmakers to pass the bill, which would allow depository institutions to serve the needs of customers in states where cannabis is legal.

‌“The SAFE Banking Act of 2019 provides a mechanism for the cannabis industry and its service providers to deposit their cash in regulated financial institutions, which allows our members to meet the needs of their communities and helps those communities reduce cash-motivated crimes, increase the efficiency of tax collections and improve the financial transparency of the cannabis industry,” the groups wrote.

The bill was introduced by Reps. Ed Perlmutter (D-Colo.), Steve Stivers (R-Ohio), Denny Heck (D-Wash.) and Warren Davidson (R-Ohio), the bipartisan bill is supported by more than 200 cosponsors.

The financial trade groups signing the letter were the American Bankers Association, Credit Union National Association, Independent Community Bankers of America, and National Bankers Association.

Read the letter.