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House Financial Services Committee to consider marijuana banking bill
Posted: Mar 20, 2019 | Author:
The House Financial Services Committee on March 26 will mark up legislation that would provide credit unions and other financial institutions with a safe harbor from sanctions for doing business with marijuana-related businesses.
Introduced by Democrats Ed Perlmutter of Colorado and Denny Heck of Washington, HR 1595 now has 126 Democratic co-sponsors and 12 Republican co-sponsors.
Under current law, cannabis is considered illegal under the federal Controlled Substances Act, leaving financial institutions that provide services to licensed marijuana businesses subject to criminal prosecution or sanctions by their regulators. As a result, some cannabis-related services, many of which are cash businesses, cannot be provided with traditional banking services.
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