This bill (SAFE Act) prohibits a federal banking regulator from: (1) terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate marijuana-related business; (2) prohibiting or otherwise discouraging a depository institution from offering financial services to such a business; (3) recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; or (4) taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased or sold to such a business.
As specified by the bill, a depository institution shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana-related business.
Current Status of SAFE Banking Act
The bill is currently in the House of Representatives where it has just passed through the House Finance Committee yesterday and there is some push back from Republicans (some Democrats too).
Secure and Fair Enforcement Banking (SAFE) Act, which is currently in the nascent stages of the legislative process. The bill is currently in the House of Representatives where it has just passed through the House Finance Committee yesterday and there is some push back from Republicans as well some Democrats too and will face even more challenges in the US Senate, which is controlled by Republicans.