Wednesday evening, in a bipartisan vote of 321 to 103, the United States House of Representatives passed the Safe and Fair Enforcement (SAFE) Banking Act of 2019 – H.R. 1595. The banking industry supported SAFE Banking Act, if enacted, would provide a safe harbor for financial institutions serving stated licensed cannabis related businesses (CRB). Although many states have legalized marijuana (cannabis), it remains illegal under federal law, specifically the Controlled Substances Act where it is […]
Category: Banking Legislation
Legislative Update
On March 6, the House of Representatives took action on several banking related bills. As typical the bills next go to the Senate. The Portfolio Lending and Mortgage Access Act (H.R. 2226) passed by voice vote. It would provide a “qualified mortgage” safe harbor for all loans held in portfolio for institutions under $10 billion in assets. The Comprehensive Regulatory Review Act (H.R. 4607) passed by a vote of 264 to 163. It would ensure […]