The SAFE Banking Act to Increase Access Banking Legal Marijuana-Related Businesses


Summary

On March 27, 2019, the U.S. House Financial Services Committee (the Committee) approved an updated version of the Secure and Fair Enforcement Banking Act of 2019 (SAFE Banking Act), H.R. 1595, Secure and Fair Enforcement Banking Act of 2019, 116th Cong. (Mar. 7, 2019). The SAFE Banking Act would, among other things, increase access to banking and financial services for cannabis-related businesses, as well as their service providers, and prevent federal bank regulatory agencies from penalizing banks working with cannabis-related businesses. This article evaluates specific protections of the proposed SAFE Banking Act legislation, as well as related compliance considerations.