Independent Community Bankers of America (ICBA), with most state community banks, have called on Congress to pass the cannabis banking reform. The cannabis banking reform is currently before a Bicameral Conference Committee of the Congress, as reported by Marijuana Moment. The Independent Community Bankers of America, joined by 44 state community banking associations throughout the country, asks to include the Bipartisan Secure and Fair Enforcement (SAFE) Banking Act as part of the America COMPETES Act.
In a letter sent by the ICBA and its state affiliates to the Congress, "The cannabis banking bill would create a safe harbor from federal sanctions for related businesses (CRBs), as well as the ancillary businesses that serve them, in the states and other jurisdictions where cannabis is legal."
According to ICBA President and CEO Rebeca Romero Rainey, the conflict between state and federal law poses uncertainty. Rainey says,
"The conflict between state and federal law has created legal uncertainty for community banks, inhibited access to the banking system for cannabis-related businesses, and created serious public safety concerns. After the House has voted six times to pass this much-needed policy, ICBA, state community banking associations and the nation's community bankers urge Congress to retain it in the America COMPETES Act conference report."
During the U.S. Conference of Mayors' 90th annual meeting, a resolution asking Congress to pass a bill to protect banking institutions that work with state-legal marijuana businesses was approved. The proposal was focused on cannabis banking reform. The conference also reiterated its support for the SAFE Banking Act. This Act would give cannabis companies access to banking and financial services and even allow dispensaries to accept credit cards. Although the SAFE Act has been passed in the U.S. House six times, it has never made it to the upper chamber.
The SAFE Act aims to protect financial institutions that provide their services to state-legal marijuana businesses. According to some industry experts, the SAFE Act has a better chance of being passed in the Senate than the MORE Act, an act to remove cannabis from the Controlled Substances List. This will allow states to legalize cannabis production and sale free from federal interference.
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