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ARTICLE · 11 MAY 2023

Lawmakers Reintroduce Bipartisan Cannabis Banking Legislation

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On April 26, 2023, Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT) led a bipartisan group of lawmakers in reintroducing the SAFE Banking Act—legislation that aims to ensure that state legal cannabis...

United StatesFinance and Banking
Reggie Babin
Reggie Babin
Brendan M. Dunn
Brendan M. Dunn
Taylor Daly
Taylor Daly
Eric C. Ettorre
Eric C. Ettorre
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On April 26, 2023, Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT) led a bipartisan group of lawmakers in reintroducing the SAFE Banking Act—legislation that aims to ensure that state legal cannabis businesses have access to banking services.

The legislation would bar federal banking regulators from penalizing a depository institution for providing banking services to a legitimate cannabis or hemp-related business. Prohibited penalties include terminating or limiting a depository institution's deposit or share insurance solely because it provides financial services to a state-sanctioned cannabis-related business, or prohibiting or otherwise discouraging a depository institution from offering financial services to such a business. The measure stipulates that depository institutions are not, under federal law, liable or subject to asset forfeiture for providing a loan or other financial services to a covered cannabis-related business.

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