Another Financial Association Pushes Senate To Pass Marijuana Banking Reform

Cannabis News World

Jun 28

Another Financial Association Pushes Senate To Pass Marijuana Banking Reform
MJ moment

Another financial association is imploring Senate leadership to pass a bipartisan bill to safeguard banks that work with state-legal marijuana businesses. The Independent Community Bankers of America (ICBA), which represents about 50,000 community banks throughout the country, sent a letter to key senators on Thursday, urging the adopting of cannabis banking reform language in a large-scale manufacturing bill that's headed to a bicameral conference committee. The House did include the Secure and Fair Enforcement (SAFE) Banking Act in its version of the AMERICA Competes Act, but it was stripped in the Senate. Advocates and stakeholders have been putting pressure on the Senate to accede to the House and reinsert the language in the final package that's sent to the president's desk. The SAFE Banking Act "would create a safe harbor from federal sanctions for financial institutions that serve cannabis-related businesses (CRBs), as well as the numerous ancillary businesses that serve them, in states and other jurisdictions where cannabis is legal," ICBA said in the new letter. ICBA called on Senate leaders to include ICBA-advocated legislation to establish a cannabis banking safe harbor in the America COMPETES Act conference report. https://t.co/Yexw0tzVpG — Independent Community Bankers of America (@ICBA) May 6, 2022 "We are pleased to reiterate ICBA's strong support for this legislation, which is essential for the ongoing ability of community banks to effectively serve their communities," the association said. "ICBA urges the support of all members of the House and Senate for inclusion of the SAFE Banking Act in the conference report to the America COMPETES Act." Banking associations representing all 50 states and one U.S. territory also sent a letter to Senate leaders late last month, imploring them to include marijuana banking reform in the manufacturing bill that's set to be negotiated. Rep. Ed Perlmutter (D-CO) is the chief…