Financial Trade Groups Urge House to Pass the Safe Banking Act

The SAFE Banking Act (H.R. 1595) Act is expected to be considered by the House this 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 Credit Union National Association, American Bankers Association, Independent Community Bankers of America, and National Bankers Association.

Click here to read the letter.