Bill Would Permit Financial Institutions to Serve Marijuana-Related Businesses
Representative Ed Perlmutter, a Democrat from Colorado, introduced a bill to the U.S. House of Representatives that would allow financial institutions to provide financial services to marijuana-related businesses. The bill, H.R. 1595, is called the “Secure and Fair Enforcement Banking Act of 2019” or the “SAFE Banking Act of 2019”. The bill is currently before the House Financial Services subcommittee. The chances of it getting out of the House and onto the Senate are unclear. Many think it will be tough for the bill to become a law since marijuana itself is still illegal at the federal level.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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