***Click here for media resources. ***
WASHINGTON – U.S. Senator Kevin Cramer (R-ND) joined his colleagues on the Senate Banking Committee in passing the Safe and Fair Enforcement Regulation (SAFER) Banking Act with a vote of 14 to 9. This bipartisan legislation provides legal protection to banks, credit unions, and other financial institutions that offer services to state-legal marijuana businesses, making those businesses and our communities safer. The bill also includes protections for businesses operating in legal industries, such as energy companies and gun manufacturers.
“The inability of state-legalized cannabis businesses to access banking services is dangerous. It leaves workforce vulnerable when they are forced to operate cash-only establishments. North Dakota’s banks and credit unions need regulatory certainty to serve business owners without reprisal from the federal government,” said Senator Cramer. “Operating as a cash-only enterprise is perfectly fine for my grandkids’ lemonade stand, but it is inadequate for an industry this controversial. I strongly oppose the legalization of cannabis, but it is the state’s prerogative. Federally condoned banking discrimination against legal industries is a slippery slope. The SAFER Banking Act is a good step. I’m glad to see it pass the Banking Committee with bipartisan support and I urge its final passage.”
The legislation has strong support from financial institutions across North Dakota.
“The Independent Community Banks of North Dakota (ICBND) fully supports federal legislation establishing an effective safe harbor from federal sanctions for banks that choose to provide traditional banking services to cannabis-related businesses in states where cannabis is legal under state law. While ICBND does not advocate for the legalization of cannabis, the ongoing conflict between state and federal law creates increasingly significant legal and compliance concerns for our community banks that wish to serve lawful cannabis-related businesses. ICBND applauds Senator Cramer’s support of the SAFER Banking Act which would provide this necessary safe harbor for our members,” said Barry Haugen, President of Independent Community Banks of North Dakota.
“For nearly five years, the credit union industry has been asking lawmakers to provide legal clarity for serving cannabis-related businesses in states, like ours, that have legalized medical marijuana. In North Dakota, where medical dispensaries are legal, the SAFER Banking Act will protect institutions that choose to offer services to legitimate cannabis-related businesses, providing a much needed, secure business banking option, as opposed to operating on a cash basis, which creates a significant public safety issue. The SAFER Banking Act was a long work in progress, and we sincerely appreciate Senator Cramer’s leadership in getting this necessary legislation through the Senate Banking Committee,” said Jeff Olson, President, CEO of the Dakota Credit Union Association.
“The North Dakota Bankers Association appreciates Senator Cramer’s ongoing efforts to end the legal limbo over cannabis banking in the states where it’s been legalized in some form. Now that the bill has been advanced in the Senate Banking Committee with a bipartisan vote, we remain hopeful that both chambers of Congress will eventually pass commonsense, bipartisan legislation that will make communities across North Dakota and the country safer,” said Rick Clayburgh, President, CEO of the North Dakota Banker Association.