• Daily Marijuana Observer Facebook
  • Daily Marijuana Observer Twitter
  • Daily Marijuana Observer StockTwits
  • Daily Marijuana Observer SA
  • Daily Marijuana Observer Instagram
  • Daily Marijuana Observer Youtube
  • Pinterest Social Icon
  • Daily Marijuana Observer Talk Market

SAFE Banking Bill Could Fix the Marijuana Banking Crisis

March 12, 2018

 

The Senate Banking, Housing, and Urban Affairs Committee is currently debating bill S 2155 which makes changes to The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as just Dodd-Frank.

 

There are 80 amendments to be considered, but one is particularly important to the cannabis industry. Banking has been a major hindrance to the marijuana and hemp industries, and the SAFE Banking Bill intends to fix that. 

 

S 1152, which was introduced by Senator Jeff Merkley, 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.

 

These debates are happening now and votes are scheduled for this week so be sure to call and/or email committee members and ask them to support this hurdle.

 

To sign up for Cannabis Legal & Political Updates, click here.

 

To stay up to date with important developments in the cannabis industry, be sure to subscribe to one or more of our free email newsletters. Also, connect with The Daily Marijuana Observer on Facebook, Twitter, and Instagram!

 

D/M/O

Please reload

LATEST NEWS
Please reload

Please reload

DMO

© Copyright 2016-2020 Smoke Show Ventures, Inc.

RSS Feed

Disclaimer: Except for the historical information and data presented herein, matters discussed in articles on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future performance or achievements expressed or implied by such coverage. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. Before making specific investment decisions, readers should seek their own professional advice and that of their own professional financial adviser. Smoke Show Ventures, Inc. or its affiliates, which owns The Daily Marijuana Observer, may be compensated for its services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.dailymarijuanaobserver.com/legal-disclaimer/.