“This legislation will save lives and livelihoods. If passed, banks and financial intuitions could still deny their services to cannabis businesses, especially if the expensive, time-consuming reporting required to stay in compliance with current Financial Crimes Enforcement Network (FinCEN) guidance is not streamlined effectively.
In addition, the legislation would protect banks, their officers, and employees who provide financial services to state-legal cannabis businesses from criminal prosecution, liability, and asset forfeiture.
Taking any action on a loan to an owner or operator of a cannabis-related business.Recommending or incentivizing a bank to halt or downgrade providing any kind of banking services to these businesses.Terminating or limiting a bank’s federal deposit insurance primarily because the bank is providing services to a state-sanctioned cannabis business or associated business.
“So I am going to work very hard with my colleagues to make sure criminal justice provisions are part of SAFE Banking when it reaches the floor.”īut the 2023 version of the bill would do more than allow cannabis businesses access to basic banking services. “We have a moral responsibility in Congress to undo the terrible damage caused by the war on drugs, and almost always has affected people of color,” said Schumer. Senate Majority Leader Chuck Schumer (D-NY) said he has “worked very hard to make progress on SAFE Banking Plus,” ensuring the Senate version of the bill contains critical criminal justice provisions like expungement for certain low-level cannabis-related offenses.
0 kommentar(er)
