SAFE Banking Act Successfully Added to House NDAA; Would Address Banking Needs of Legitimate Marijuana Businesses

An amendment adding the Secure and Fair Enforcement (SAFE) Banking Act to the FY22 National Defense Authorization Act (NDAA) passed by voice vote Tuesday night. The amendment, from Rep. Ed Perlmutter (D-Colo.), will be included in the final House version of the bill that will be voted on later this week.

Your League and CUNA strongly support the SAFE Banking Act, which would provide a safe harbor and other protections for financial institutions serving legal, cannabis-based businesses.

Once passed by the House, the bill’s final outcome will be determined in conference committee with the Senate.

The SAFE Banking Act has taken on new importance here in Virginia with the state's recent move to legalize cannabis use for adults. Unfortunately, the Virginia General Assembly has not yet addressed the banking issues surrounding legal cannabis-based businesses. Sens. Mark Warner and Tim Kaine have both signed on as cosponsors of the Senate’s version of the SAFE Banking Act.