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News & Press: Industry News

U.S. House Committee Holds Hearing on Marijuana Business Banking

Tuesday, February 19, 2019  
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The House Financial Services Subcommittee on Consumer Protection and Financial Institutions recently held a hearing titled "Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses." Witnesses included representatives from the major community banking trade associations, the California state treasurer and law enforcement.

The focus of the hearing was the Secure and Fair Enforcement Banking Act of 2019 (SAFE Banking Act). This bill seeks to make it easier for banks to provide financial services to marijuana businesses in states that have legalized its sale for recreational and medical purposes. It does not alter the Controlled Substances Act but rather addresses regulatory issues under federal banking laws. The bill is authored by Reps. Ed Perlmutter (D-CO), Denny Heck (D-WA), Steve Stivers (R-OH) and Warren Davidson (R-OH).

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