The Independent Community Bankers of America (ICBA) is urging Congress to pass a bill in this legislative session that would establish a cannabis banking safe harbor in states where cannabis is legal.
ICBA and its members are taking a multi-pronged approach in advocating for this bill, the SAFE Banking Act (S. 910), sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT). The legislation passed the House back in 2021 and is still pending in the Senate.
“On behalf of the Independent Community Bankers of America (ICBA), the undersigned state banking associations, and the thousands of community banks we represent, we write to ask you to schedule floor consideration of the SAFE Banking Act before year-end 2022 as a stand-alone bill or an amendment to another bill. This legislation enjoys strong, bipartisan support, would resolve a conflict between state and federal law, and addresses a critical public safety concern. We urge its enactment without further delay,” ICBA members wrote in a letter to Senate leaders.
The letter was signed by representatives from ICBA and its 44 affiliated state community banking associations.
In addition, ICBA has launched a grassroots campaign through its Be Heard grassroots action center, where individual community bankers can advocate for the billʻs passage directly to their own Congressional lawmakers.
The SAFE Banking Act addresses a conflict between state and federal law that presents legal uncertainty for community banks and requires legal cannabis-related businesses to operate largely in cash, creating public safety risks.
A recent poll conducted by ICBA with Morning Consult found that 65 percent of voters support cannabis banking access. Further, 71 percent agree that a banking safe harbor would help reduce the risk of robbery and assault at cannabis-related businesses.