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CSBS urges lawmakers to include SAFE Banking Act in Competes Act

As lawmakers attempt to reconcile the House and Senate versions of the America Competes Act, the Conference for State Bank Supervisors today advocated for the SAFE Banking Act to be included in the final version of the bill. The ABA-backed provision—which would enable banks to serve legitimate cannabis businesses in states where it is legal—was included in the House version of the Competes Act.

CSBS noted that allowing cannabis businesses to access banking services would help reduce risk, increase public safety and facilitate tax collection, among other things. “By granting a safe harbor for financial institutions, Congress can bring regulatory clarity to the financial services industry, address public safety concerns and ensure access to financial services for state-compliant marijuana and marijuana-related businesses,” said CSBS Acting President and CEO James Cooper.

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Bankers: Tell Congress to Pass Safe Banking Act

As more states allow some form of cannabis legalization, small businesses, banks and the communities they serve continue to be stuck in the middle of the divide between state and federal cannabis law. Congress has an opportunity to do something about it by passing the SAFE Banking Act, which would provide state-licensed cannabis businesses with a transition into the regulated banking system. The SAFE Banking Act has passed the U.S. House six times with strong bipartisan support and it’s now being considered for inclusion as part of the broader COMPETES Act.

The House and Senate are actively working out differences in the COMPETES Act and are expected to vote on it in the coming weeks. Write to your members of Congress today and ask them to weigh-in in favor of including the SAFE Banking Act in the final COMPETES bill. Learn more here.