Community Banks From 44 States Demand Congress Urgently Pass Marijuana Financial Services Fix

Community Banks From 44 States Demand Congress Urgently Pass Marijuana Financial Services Fix
MJ moment

Yet another national financial group—joined by 44 state community banking associations from across the country—is telling Congress to pass marijuana banking reform through a large-scale manufacturing bill that’s currently before a bicameral conference committee. This time, it’s the Independent Community Bankers of America (ICBA) and the majority of state community banks that are making the push for the inclusion of the bipartisan Secure and Fair Enforcement (SAFE) Banking Act as part of the America COMPETES Act. In a letter that was sent to congressional leaders on Wednesday, ICBA and its state affiliates stressed that the cannabis banking bill 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 and a coalition of 44 state community banking associations today called on Congress to include in the America COMPETES Act conference report legislation establishing a cannabis banking safe harbor. Read our release https://t.co/zTI8xcwVv4 — Independent Community Bankers of America (@ICBA) June 8, 2022 “The SAFE Banking Act is essential for the ongoing ability of community banks to effectively serve their communities,” the letter says. “The Act would also alleviate the significant threat to public safety posed by cash intensive CRBs. We urge 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.” ICBA President and CEO Rebecca Romero Rainey additionally said in a press release that 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…

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