AYRWF - Senate hammers out updated marijuana banking bill - Marijuana Moment

2023-09-20 12:10:50 ET

The Senate has worked out an updated version of a marijuana banking bill -- now known as the Secure and Fair Enforcement Regulation (SAFER) Banking Act -- in advance of a committee markup on Sept. 27 .

Marijuana Moment , which obtained a copy of the bill, said that while SAFER has yet to be filed, it has bipartisan support.

The cannabis news site reported on several key changes to the bill, which was formerly known as the Safe and Fair Enforcement Act, that will allow legal cannabis businesses to work with the US financial system.

Among the changes are: The FDIC now has a year instead of 180 days to develop guidance for banks; federal banking regulators are mandated to work with state banking supervisors and the secretaries of commerce and treasury; and while earlier language that frowned on federal regulators taking action that negatively impacts banks from working with legal marijuana businesses has been stripped, regulators must now have a "valid" reason for shutting down a bank account from any business.

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More on marijuana banking and cannabis reform

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• Curaleaf chairman sees DEA agreeing to reschedule marijuana

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