Leading American institutions such as Bank of America and the National Rifle Association (NRA) have been actively involved in federal advocacy for changes in cannabis banking laws, as reported by Cannabis Wire recently.
Both entities have noted the S. 2860, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, in their third-quarter lobbying reports for the year 2023, according to the publication.
This proposed legislation aims to grant protections to banks, credit societies, and various financial and payment processing institutions that engage with legitimate state-sanctioned cannabis enterprises. It is an updated iteration of the Secure and Fair Enforcement (SAFE) Banking Act, which has repeatedly passed the House but has been repeatedly delayed in the Senate.
In its most recent lobbying documentation, Bank of America referenced “S. 2860, SAFER Banking Act, issues concerning financial service provisions.” In a parallel move, the NRA mentioned “S. 1323” alongside “S. 2860” in its disclosure, with S. 1323 being the SAFE Banking Act of 2023.
A representative for Bank of America conveyed to Cannabis Wire that the company declines to comment on the disclosure and maintains a neutral stance regarding the SAFER Banking Act.
Mastercard Worldwide, after initially engaging in federal lobbying on cannabis banking in 2019 and 2020, ceased to mention cannabis in its filings until this latest quarter, where it included “issues related to cannabis banking” and “S.2860” in its disclosure.
The SAFER Banking Act, enjoying cross-party endorsement, successfully passed through the Senate Banking Committee at the close of September and is scheduled for consideration by the full Senate. However, the prospects of the Act are currently ambiguous after the appointment of Rep. Mike Johnson, R-La., as Speaker of the House.
Nevertheless, Senate Majority Leader Chuck Schumer, D-N.Y., has committed to expediting a floor vote on the SAFER Banking in the Senate.
With the ongoing developments, Bank of America, the NRA, and Mastercard are expected to keep a vigilant watch on the legislative developments surrounding the bill.
