On September 25, the U.S. House of Representatives passed H.R. 1595, also known as the SAFE Banking Act of 2019, which aims “to increase public safety by ensuring access to financial services to cannabis-related legitimate businesses and service providers and reducing the amount of cash at such businesses,” as stated in its purpose. The
Finance & Banking
Current Banking Issues in the Cannabis Industry
Barry Abbott and Jimmy Zack authored an article titled “Current Banking Issues in the Cannabis Industry” for The Consumer Finance Law Quarterly Report, Vol. 72, No. 4, at 390 (2018). The article explores the growth of the U.S. legal marijuana market, which is expected to exceed $23 billion by 2022, as well as the…
SAFE Banking Act Moves to Full House and STATES Act Reintroduced: Chances for Enactment Still Seem Slim
In our March 15 post, we discussed the Secure and Fair Enforcement (SAFE) Banking Act of 2019 (H.R. 1595), which would, among other things, limit federal banking regulators from taking action against banks providing services to cannabis businesses operating legally under state or tribal law. On March 28, the bill passed the House Financial…
SAFE Banking Act Introduced Into Congress: Unlikely to Be Clear Light for Banks at the End of the Tunnel
On March 7, Rep. Ed Perlmutter (D-CO) introduced into the 116th Congress H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking Act of 2019. The Act will, in spite of the federal Controlled Substances Act’s scheduling of marijuana, prohibit the federal banking regulators from taking actions against banks that are providing services to cannabis…