Sponsors (10)
The bill significantly expands safe access to banking, credit, mortgage eligibility, and regulatory clarity for state‑legal marijuana and hemp businesses—reducing cash‑related harms and expanding economic opportunity—while shifting compliance costs onto financial firms and taxpayers, leaving legal uncertainty and privacy, enforcement, and national‑security trade‑offs to manage.
State-legal marijuana and hemp businesses (and their customers) gain substantially expanded access to banking and payments (accounts, cards/ACH/checks, acceptance of legacy cash, ability for de novo charters, and clearer acceptance by CDFIs), making it easier to hold deposits, take noncash payments, and obtain loans and credit.
Workers, customers, and local communities benefit from reduced cash-only operations—improving employee and public safety, reducing on-site cash targets for theft, and supporting better tax and regulatory compliance.
Homebuyers and mortgage markets: individuals with income from state-legal marijuana businesses can use that income to qualify for FHA/VA/USDA/GSE-backed loans and lenders/servicers receive liability protection for relying on such income, likely expanding home-purchase opportunities.
Banks, credit unions, insurers, and other financial firms face substantial new and ongoing compliance, monitoring, and reporting costs (AML checks, SAR updates, documentation, exam readiness) that are likely to be passed through to customers in fees or reduced services.
Taxpayers could face greater financial exposure and administrative costs (federal program losses, implementation of studies/guidance, and added enforcement resources) if loans or federally backed mortgages tied to marijuana-related income default or if agencies must expand oversight.
Material legal uncertainty remains because marijuana is still federally illegal—businesses, banks, and customers continue to face residual criminal, forfeiture, and reputational risks despite narrowed federal liability, creating ongoing uncertainty for operations and relationships across jurisdictions.
Based on analysis of 14 sections of legislative text.
Provides statutory safe harbors and guidance so banks, insurers, and mortgage actors can serve state‑legal marijuana and hemp businesses, updates SAR rules, and treats cannabis income as qualifying mortgage income.
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
Protects banks, credit unions, insurers, mortgage lenders, and other financial services providers that serve State‑sanctioned marijuana businesses and hemp/CBD businesses by limiting regulator-ordered account closures and legal exposure for providing services. It updates suspicious-activity reporting rules, requires uniform examiner guidance, and treats income from state-legal cannabis businesses as qualifying income for federally backed mortgages. Requires studies and regular reports on access to financial services for minority-, veteran-, and women-owned businesses and small state‑sanctioned marijuana businesses; directs GAO and Treasury to study market entry barriers and the effectiveness of SARs related to marijuana activity; and extends many protections and requirements to hemp-related legitimate businesses and service providers.