Sponsors (8)
Official title: To create protections for financial institutions that provide financial services to State-sanctioned marijuana businesses and service providers for such businesses, and for other purposes.
Introduced June 25, 2026 by David Joyce · Last progress June 25, 2026
The bill substantially expands legitimate marijuana and hemp businesses' access to banking, payments, and mortgages and clarifies regulatory protections—improving safety and inclusion—while increasing compliance costs, leaving unresolved federal/state legal tension, and constraining some rapid law‑enforcement tools, which shifts certain risks and costs onto banks, regulators, and taxpayers.
State‑sanctioned marijuana and hemp businesses (and the lenders and banks that serve them) gain much wider access to banking, payment services, loans, insurance, and deposit accounts because the bill clarifies covered activities, shields certain provider actions from federal liability, and permits new entrants and CDFI participation.
Employees, customers, and local communities see reduced cash‑only operations—improving workplace and public safety, recordkeeping, and tax compliance—because compliant businesses can use bank accounts and noncash payment options.
Banks, credit unions, insurers, Federal Reserve/Home Loan Banks, and mortgage lenders get clearer statutory protections and guidance (including limits on federal forfeiture for compliant income), reducing legal/regulatory risk and encouraging them to serve these clients.
Banks, credit unions, insurers, and businesses will incur higher compliance, reporting, and operational costs (AML/CFT monitoring, SAR updates, recordkeeping, training), costs that are likely to be passed on to customers or borne by taxpayers.
Law‑enforcement and national‑security agencies may face reduced flexibility or slower informal tools to pressure banks or act against illicit activity (narrower forfeiture options, higher burdens for action), potentially hampering rapid responses to time‑sensitive threats.
Because marijuana remains illegal under federal law, businesses and banks continue to face legal uncertainty, reputational risk, and the possibility that some institutions will still refuse service despite new protections.
Based on analysis of 14 sections of legislative text.
Protects banks and mortgage market participants that serve state‑legal marijuana and hemp businesses, mandates SAR and supervisory guidance updates, and orders studies/reports to expand financial access.
Creates legal protections and uniform supervisory guidance so banks, insurers, mortgage lenders, and other financial institutions may serve State‑sanctioned marijuana businesses, hemp businesses, and related service providers without being penalized under Federal law solely because of those customers' status. It also requires updated FinCEN SAR guidance, FFIEC examination procedures, studies and annual reports on access to financial services for marijuana/hemp businesses and disadvantaged owners, and treats income from compliant marijuana businesses as lawful for federally backed mortgage underwriting. The bill establishes a safe harbor from supervisory, civil, and criminal penalties when institutions provide services to state‑legal marijuana and hemp businesses so long as the activity complies with applicable State, Tribal, or local law; mandates reporting, recordkeeping, and revised SAR rules; and directs agencies to issue uniform guidance, studies, and congressional reports within set deadlines to expand and monitor access to financial services for these sectors and certain disadvantaged business owners.