II 

118TH CONGRESS 

1ST SESSION S. 2860 

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. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 20, 2023 

Mr. MERKLEY (for himself, Mr. DAINES, Mr. SCHUMER, Ms. SINEMA, Ms. 

LUMMIS, Mr. CRAMER, Mr. BOOKER, Mr. SULLIVAN, Mr. MENENDEZ, 

Mr. KING, Mr. WYDEN, Ms. ROSEN, and Mr. FETTERMAN) introduced 

the following bill; which was read twice and referred to the Committee 

on Banking, Housing, and Urban Affairs 

A BILL 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Secure And Fair Enforcement Regulation Banking Act’’ 

6 or the ‘‘SAFER Banking Act’’. 


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1 (b) TABLE OF CONTENTS.—The table of contents for 

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Definitions. 

Sec. 3. Safe harbor for depository institutions. 

Sec. 4. Protections for providing services to State-sanctioned marijuana businesses. 

Sec. 5. Protections under Federal law. 

Sec. 6. Requirements for filing suspicious activity reports. 

Sec. 7. Guidance and examination procedures. 

Sec. 8. Banking services for hemp-related legitimate businesses and hemp-related service providers. 

Sec. 9. Treatment of income derived from a State-sanctioned marijuana business for qualification for a covered mortgage loan. 

Sec. 10. Requirements for deposit accounts. 

Sec. 11. Annual access to financial services report. 

Sec. 12. GAO study on barriers to marketplace entry. 

Sec. 13. GAO study on effectiveness of certain reports on finding certain persons. 

Sec. 14. Applicability to hemp-related legitimate businesses and hemp-related 

service providers. 

Sec. 15. Rules of construction. 

3 SEC. 2. DEFINITIONS. 

4 In this Act: 

5 (1) BUSINESS OF INSURANCE.—The term 

6 ‘‘business of insurance’’ has the meaning given the 

7 term in section 1002 of the Consumer Financial 

8 Protection Act of 2010 (12 U.S.C. 5481). 

9 (2) CBD.—The term ‘‘CBD’’ means 

10 cannabidiol. 

11 (3) COMMUNITY DEVELOPMENT FINANCIAL IN12 STITUTION.—The term ‘‘community development fi13 nancial institution’’ has the meaning given the term 

14 in section 103 of the Community Development 

15 Banking and Financial Institutions Act of 1994 (12 

16 U.S.C. 4702). 


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1 (4) DEPOSITORY INSTITUTION.—Except where 

2 otherwise expressly provided, the term ‘‘depository 

3 institution’’— 

4 (A) means— 

5 (i) a depository institution, as defined 

6 in section 3(c) of the Federal Deposit In7 surance Act (12 U.S.C. 1813(c)); 

8 (ii) a Federal credit union, as defined 

9 in section 101 of the Federal Credit Union 

10 Act (12 U.S.C. 1752); and 

11 (iii) a State credit union, as defined in 

12 section 101 of the Federal Credit Union 

13 Act (12 U.S.C. 1752); and 

14 (B) includes any minority depository insti15 tution, as defined in section 308 of the Finan16 cial Institutions Reform, Recovery, and En17 forcement Act of 1989 (12 U.S.C. 1463 note). 

18 (5) FEDERAL BANKING REGULATOR.—The 

19 term ‘‘Federal banking regulator’’ means each of the 

20 Board of Governors of the Federal Reserve System, 

21 the Bureau of Consumer Financial Protection, the 

22 Federal Deposit Insurance Corporation, the Federal 

23 Housing Finance Agency, the Office of the Comp24 troller of the Currency, the National Credit Union 

25 Administration, the Department of the Treasury (inVerDate Sep 11 2014 00:38 Sep 21, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S2860.IS S2860

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1 cluding the Financial Crimes Enforcement Network 

2 and the Office of Foreign Assets Control), or any 

3 Federal agency or department that regulates bank4 ing or financial services, as determined by the Sec5 retary of the Treasury. 

6 (6) FINANCIAL PRODUCT OR SERVICE.—The 

7 term ‘‘financial product or service’’ has the meaning 

8 given the term in section 1002 of the Consumer Fi9 nancial Protection Act of 2010 (12 U.S.C. 5481). 

10 (7) FINANCIAL SERVICE.—The term ‘‘financial 

11 service’’— 

12 (A) means— 

13 (i) a financial product or service, re14 gardless of whether the customer receiving 

15 the product or service is a consumer or 

16 commercial entity; or 

17 (ii) a financial product or service, or 

18 any combination of products and services, 

19 permitted to be provided by— 

20 (I) a national bank or a financial 

21 subsidiary pursuant to the authority 

22 provided under— 

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1 tion 5136 of the Revised Statutes 

2 (12 U.S.C. 24); or 

3 (bb) section 5136A of the 

4 Revised Statutes (12 U.S.C. 

5 24a); 

6 (II) a Federal credit union, pur7 suant to the authority provided under 

8 the Federal Credit Union Act (12 

9 U.S.C. 1751 et seq.); or 

10 (III) a community development 

11 financial institution; and 

12 (B) includes— 

13 (i) the business of insurance; 

14 (ii) whether performed directly or in15 directly, the authorizing, processing, clear16 ing, settling, billing, transferring for de17 posit, transmitting, delivering, instructing 

18 to be delivered, reconciling, collecting, or 

19 otherwise effectuating or facilitating the 

20 payment of funds that are made or trans21 ferred by any means, including by the use 

22 of credit cards, debit cards, other payment 

23 cards, or other access devices, accounts, 

24 original or substitute checks, or electronic 

25 funds transfers; 


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1 (iii) acting as a money transmitting 

2 business that directly or indirectly makes 

3 use of a depository institution in connec4 tion with effectuating or facilitating a pay5 ment for a State-sanctioned marijuana 

6 business or service provider in compliance 

7 with section 5330 of title 31, United 

8 States Code, and any applicable State or 

9 Tribal law; and 

10 (iv) acting as an armored car service 

11 for processing and depositing with a depos12 itory institution or a Federal reserve bank 

13 with respect to any monetary instruments, 

14 as defined in section 1956(c)(5) of title 18, 

15 United States Code. 

16 (8) HEMP.—The term ‘‘hemp’’ has the meaning 

17 given the term in section 297A of the Agricultural 

18 Marketing Act of 1946 (7 U.S.C. 1639o). 

19 (9) HEMP-RELATED LEGITIMATE BUSINESS.— 

20 The term ‘‘hemp-related legitimate business’’ means 

21 a manufacturer, producer, or any person or company 

22 that— 

23 (A) engages in any activity described in 

24 subparagraph (B) in conformity with the Agri25 culture Improvement Act of 2018 (Public Law 


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1 115–334; 132 Stat. 4490), amendments made 

2 by that Act, and the regulations issued to im3 plement that Act by the Department of Agri4 culture, where applicable, and the law of a 

5 State, an Indian Tribe, or a political subdivision 

6 of a State; and 

7 (B) participates in any business or orga8 nized activity that involves handling hemp, 

9 hemp-derived CBD products, and other hemp10 derived cannabinoid products, including culti11 vating, producing, extracting, manufacturing, 

12 selling, transporting, displaying, dispensing, dis13 tributing, or purchasing hemp, hemp-derived 

14 CBD products, and other hemp-derived 

15 cannabinoid products. 

16 (10) HEMP-RELATED SERVICE PROVIDER.—The 

17 term ‘‘hemp-related service provider’’— 

18 (A) means a business, organization, or 

19 other person that— 

20 (i) sells goods or services to a hemp21 related legitimate business; or 

22 (ii) provides any business services, in23 cluding the sale or lease of real or any 

24 other property, legal or other licensed serv25 ices, or any other ancillary service, relating 


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1 to hemp, hemp-derived CBD products, or 

2 other hemp-derived cannabinoid products; 

3 and 

4 (B) does not include a business, organiza5 tion, or other person that participates in any 

6 business or organized activity that involves han7 dling hemp, hemp-derived CBD products, or 

8 other hemp-derived cannabinoid products, in9 cluding cultivating, producing, manufacturing, 

10 selling, transporting, displaying, dispensing, dis11 tributing, or purchasing hemp, hemp-derived 

12 CBD products, and other hemp-derived 

13 cannabinoid products. 

14 (11) INDIAN TRIBE.—The term ‘‘Indian Tribe’’ 

15 has the meaning given the term ‘‘Indian tribe’’ in 

16 section 102 of the Federally Recognized Indian 

17 Tribe List Act of 1994 (25 U.S.C. 5130). 

18 (12) INSURER.—The term ‘‘insurer’’ has the 

19 meaning given the term in section 313(r) of title 31, 

20 United States Code. 

21 (13) MANUFACTURER.—The term ‘‘manufac22 turer’’ means a person who manufactures, com23 pounds, converts, processes, prepares, or packages 

24 marijuana or marijuana products. 


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1 (14) MARIJUANA.—The term ‘‘marijuana’’ has 

2 the meaning given the term ‘‘marihuana’’ in section 

3 102 of the Controlled Substances Act (21 U.S.C. 

4 802). 

5 (15) MARIJUANA PRODUCT.—The term ‘‘mari6 juana product’’ means any article that contains 

7 marijuana, including an article that is a concentrate, 

8 an edible, a tincture, a marijuana-infused product, 

9 or a topical. 

10 (16) PRODUCER.—The term ‘‘producer’’ means 

11 a person who plants, cultivates, harvests, or in any 

12 way facilitates the natural growth of marijuana. 

13 (17) SERVICE PROVIDER.—The term ‘‘service 

14 provider’’— 

15 (A) means a business, organization, or 

16 other person that— 

17 (i) sells goods or services to a State18 sanctioned marijuana business; or 

19 (ii) provides any business services, in20 cluding the sale or lease of real or any 

21 other property, legal or other licensed serv22 ices, or any other ancillary service, relating 

23 to a State-sanctioned marijuana business; 

24 and 


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1 (B) does not include a business, organiza2 tion, or other person that participates in any 

3 business or organized activity that involves han4 dling marijuana or marijuana products, includ5 ing cultivating, producing, manufacturing, sell6 ing, transporting, displaying, dispensing, dis7 tributing, or purchasing marijuana or mari8 juana products. 

9 (18) STATE.—The term ‘‘State’’ means each of 

10 the several States, the District of Columbia, the 

11 Commonwealth of Puerto Rico, and any territory or 

12 possession of the United States. 

13 (19) STATE-SANCTIONED MARIJUANA BUSI14 NESS.—The term ‘‘State-sanctioned marijuana busi15 ness’’ means a manufacturer, producer, or any per16 son that— 

17 (A) engages in any activity described in 

18 subparagraph (B) pursuant to a law established 

19 by a State, an Indian Tribe, or a political sub20 division of a State, as determined by such 

21 State, Indian Tribe, or political subdivision; and 

22 (B) participates in any business or orga23 nized activity that involves handling marijuana 

24 or marijuana products, including cultivating, 

25 producing, manufacturing, selling, transporting, 


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1 displaying, dispensing, distributing, or pur2 chasing marijuana or marijuana products. 

3 SEC. 3. SAFE HARBOR FOR DEPOSITORY INSTITUTIONS. 

4 (a) PROHIBITION.—A Federal banking regulator may 

5 not— 

6 (1) terminate or limit the deposit insurance or 

7 share insurance of a depository institution under the 

8 Federal Deposit Insurance Act (12 U.S.C. 1811 et 

9 seq.) or the Federal Credit Union Act (12 U.S.C. 

10 1751 et seq.) or take any other adverse action 

11 against a depository institution under the Federal 

12 Deposit Insurance Act (12 U.S.C. 1811 et seq.) or 

13 the Federal Credit Union Act (12 U.S.C. 1751 et 

14 seq.) solely because the depository institution pro15 vides or has provided financial services to a State16 sanctioned marijuana business or service provider; 

17 (2) prohibit a depository institution from pro18 viding, or penalize a depository institution for pro19 viding, financial services to— 

20 (A) a State-sanctioned marijuana business 

21 or service provider solely because the business 

22 or service provider is a State-sanctioned mari23 juana business or service provider; or 

24 (B) a State, an Indian Tribe, or a political 

25 subdivision of a State solely because that entity 


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1 exercises jurisdiction over State-sanctioned 

2 marijuana businesses; 

3 (3) recommend, incentivize, or encourage a de4 pository institution not to offer financial services to 

5 an account holder, or to downgrade or cancel the fi6 nancial services offered to an account holder, solely 

7 because— 

8 (A) the account holder is a State-sanc9 tioned marijuana business or service provider, 

10 or is an employee, owner, or operator of a 

11 State-sanctioned marijuana business or service 

12 provider; 

13 (B) the account holder later becomes an 

14 employee, owner, or operator of a State-sanc15 tioned marijuana business or service provider; 

16 or 

17 (C) the depository institution was not 

18 aware, after conducting sufficient risk-based 

19 customer due diligence in accordance with ap20 plicable requirements, that the account holder is 

21 an employee, owner, or operator of a State22 sanctioned marijuana business or service pro23 vider; 

24 (4) take any adverse or corrective supervisory 

25 action on a loan made to— 


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1 (A) a State-sanctioned marijuana business 

2 or service provider, solely because the business 

3 is a State-sanctioned marijuana business or 

4 service provider; 

5 (B) an employee, owner, or operator of a 

6 State-sanctioned marijuana business or service 

7 provider, solely because the employee, owner, or 

8 operator is employed by, owns, or operates a 

9 State-sanctioned marijuana business or service 

10 provider, as applicable; or 

11 (C) an owner or operator of real estate or 

12 equipment that is leased to a State-sanctioned 

13 marijuana business or service provider, solely 

14 because the owner or operator of the real estate 

15 or equipment leased the equipment or real es16 tate to a State-sanctioned marijuana business 

17 or service provider, as applicable; or 

18 (5) prohibit a depository institution (or entity 

19 performing a financial service for or in association 

20 with a depository institution) from, or penalize a de21 pository institution (or entity performing a financial 

22 service for or in association with a depository insti23 tution) for, engaging in a financial service for a 

24 State-sanctioned marijuana business or service pro25 vider solely because the business or service provider 


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1 is a State-sanctioned marijuana business or service 

2 provider. 

3 (b) SAFE HARBOR APPLICABLE TO DE NOVO INSTI4 TUTIONS.—Subsection (a) shall apply to an institution ap5 plying for a depository institution charter to the same ex6 tent as such subsection applies to a depository institution. 

7 SEC. 4. PROTECTIONS FOR PROVIDING SERVICES TO 

8 STATE-SANCTIONED MARIJUANA BUSI9 NESSES. 

10 For the purposes of sections 1956 and 1957 of title 

11 18, United States Code, and all other provisions of Fed12 eral law, the proceeds from marijuana-related activities of 

13 a State-sanctioned marijuana business or service provider 

14 that conducts all of its marijuana-related activity in com15 pliance with the marijuana-related law of the State, Indian 

16 Tribe, or political subdivision of the State shall not be con17 sidered proceeds from an unlawful activity solely be18 cause— 

19 (1) the transaction involves proceeds from a 

20 State-sanctioned marijuana business or service pro21 vider; or 

22 (2) the transaction involves proceeds from— 

23 (A) marijuana-related activities described 

24 in section 2(19)(B) conducted by a State-sanc25 tioned marijuana business; or 


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1 (B) activities described in section 2(17)(A) 

2 conducted by a service provider. 

3 SEC. 5. PROTECTIONS UNDER FEDERAL LAW. 

4 (a) IN GENERAL.—With respect to providing a finan5 cial service to a State-sanctioned marijuana business 

6 (where such State-sanctioned marijuana business operates 

7 within a State, an Indian Tribe, or a political subdivision 

8 of a State that allows the cultivation, production, manu9 facture, sale, transportation, display, dispensing, distribu10 tion, or purchase of marijuana pursuant to a law or regu11 lation of such State, Indian Tribe, or political subdivision, 

12 as applicable) or a service provider (wherever located), a 

13 depository institution, an entity performing a financial 

14 service for or in association with a depository institution, 

15 a community development financial institution, or an in16 surer that provides a financial service to a State-sanc17 tioned marijuana business or service provider, and the of18 ficers, directors, employees, and agents of that depository 

19 institution, entity, community development financial insti20 tution, or insurer may not be held liable pursuant to any 

21 Federal law or regulation— 

22 (1) solely for providing such a financial service; 

23 or 

24 (2) for further investing any income derived 

25 from such a financial service. 


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1 (b) PROTECTIONS FOR FEDERAL RESERVE BANKS

2 AND FEDERAL HOME LOAN BANKS.—With respect to 

3 providing a service to a depository institution that pro4 vides a financial service to a State-sanctioned marijuana 

5 business (where such State-sanctioned marijuana business 

6 operates within a State, an Indian Tribe, or a political 

7 subdivision of a State that allows the cultivation, produc8 tion, manufacture, sale, transportation, display, dis9 pensing, distribution, or purchase of marijuana pursuant 

10 to a law or regulation of such State, Indian Tribe, or polit11 ical subdivision, as applicable) or service provider (wher12 ever located), a Federal reserve bank or Federal Home 

13 Loan Bank, and the officers, directors, and employees of 

14 the Federal reserve bank or Federal Home Loan Bank, 

15 may not be held liable pursuant to any Federal law or 

16 regulation— 

17 (1) solely for providing such a service; or 

18 (2) for further investing any income derived 

19 from such a service. 

20 (c) PROTECTIONS FOR INSURERS.—With respect to 

21 engaging in the business of insurance within a State, an 

22 Indian Tribe, or a political subdivision of a State that al23 lows the cultivation, production, manufacture, sale, trans24 portation, display, dispensing, distribution, or purchase of 

25 marijuana pursuant to a law or regulation of such State, 


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1 Indian Tribe, or political subdivision, as applicable, an in2 surer that engages in the business of insurance with a 

3 State-sanctioned marijuana business or service provider or 

4 that otherwise engages with a person in a transaction per5 missible pursuant to a law (including regulations) of such 

6 State, Indian Tribe, or political subdivision related to 

7 marijuana, and the officers, directors, and employees of 

8 that insurer, may not be held liable pursuant to any Fed9 eral law or regulation— 

10 (1) solely for engaging in the business of insur11 ance; or 

12 (2) for further investing any income derived 

13 from the business of insurance. 

14 (d) FORFEITURE.— 

15 (1) DEPOSITORY INSTITUTIONS AND COMMU16 NITY DEVELOPMENT FINANCIAL INSTITUTIONS.—A 

17 depository institution or community development fi18 nancial institution that has a legal interest in the 

19 collateral for a loan or another financial service pro20 vided to an owner, employee, or operator of a State21 sanctioned marijuana business or service provider, or 

22 to an owner or operator of real estate or equipment 

23 that is leased or sold to a State-sanctioned mari24 juana business or service provider, shall not be sub25 ject to criminal, civil, or administrative forfeiture of 


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1 that legal interest pursuant to any Federal law sole2 ly for providing such loan or other financial service. 

3 (2) FEDERAL RESERVE BANKS AND FEDERAL

4 HOME LOAN BANKS.—A Federal reserve bank or 

5 Federal Home Loan Bank that has a legal interest 

6 in the collateral for a loan or another financial serv7 ice provided to a depository institution that provides 

8 a financial service to a State-sanctioned marijuana 

9 business or service provider, or to an owner or oper10 ator of real estate or equipment that is leased or 

11 sold to a State-sanctioned marijuana business or 

12 service provider, shall not be subject to criminal, 

13 civil, or administrative forfeiture of that legal inter14 est pursuant to any Federal law for providing such 

15 loan or other financial service. 

16 (3) FEDERAL NATIONAL MORTGAGE ASSOCIA17 TION, FEDERAL HOME LOAN MORTGAGE CORPORA18 TION, AND FEDERAL AGENCIES MAKING, INSURING, 

19 OR GUARANTEEING MORTGAGE LOANS OR SECURI20 TIES.—The Federal National Mortgage Association, 

21 the Federal Home Loan Mortgage Corporation, and 

22 any Federal agency that has a legal interest in the 

23 collateral for a residential mortgage loan, including 

24 individual units of condominiums and cooperatives, 

25 provided that the collateral is a property designed 


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1 principally for the occupancy of 1 to 4 families and 

2 underwritten, in whole or in part, based on income 

3 from a State-sanctioned marijuana business or serv4 ice provider, shall not be subject to criminal, civil, or 

5 administrative forfeiture of that legal interest pursu6 ant to any Federal law for providing, insuring, guar7 anteeing, purchasing, securitizing, or guaranteeing 

8 payments from a security based on such loan. 

9 (4) OTHER PARTIES TO MORTGAGE LOANS.—A 

10 nondepository lender that makes a covered mortgage 

11 loan, as defined in section 9(a), and any person who 

12 otherwise has a legal interest in such a loan or in 

13 the collateral of the loan, including individual units 

14 of condominiums and cooperatives, provided that the 

15 collateral is a property designed principally for the 

16 occupancy of 1 to 4 families and underwritten, in 

17 whole or in part, based on income from a State18 sanctioned marijuana business or service provider, 

19 shall not be subject to criminal, civil, or administra20 tive forfeiture of that legal interest pursuant to any 

21 Federal law for providing, purchasing, securitizing, 

22 accepting, and making payments related to such cov23 ered mortgage loan solely because loan payments or 

24 underwriting are based on income that is in whole 


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1 or in part from a State-sanctioned marijuana busi2 ness or service provider. 

3 (5) DEFINITION.—In this subsection, the term 

4 ‘‘collateral’’ does not include marijuana or a mari5 juana product. 

6 SEC. 6. REQUIREMENTS FOR FILING SUSPICIOUS ACTIVITY 

7 REPORTS. 

8 Section 5318(g) of title 31, United States Code, is 

9 amended— 

10 (1) by redesignating paragraph (11) as para11 graph (12); and 

12 (2) by inserting after paragraph (10) the fol13 lowing 

14 ‘‘(11) REQUIREMENTS FOR STATE-SANCTIONED

15 MARIJUANA BUSINESSES.— 

16 ‘‘(A) IN GENERAL.—With respect to a fi17 nancial institution, or any director, officer, em18 ployee, or agent of a financial institution, that 

19 reports a suspicious transaction pursuant to 

20 this subsection, if the reason for the report re21 lates to a State-sanctioned marijuana business 

22 or service provider, the report shall comply with 

23 appropriate guidance issued by the Secretary of 

24 the Treasury. Not later than the end of the 

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1 ment of the Secure And Fair Enforcement Reg2 ulation Banking Act, the Secretary shall amend 

3 the February 14, 2014, guidance titled ‘BSA 

4 Expectations Regarding Marijuana-Related 

5 Businesses’ (FIN–2014–G001) or issue new 

6 guidance to ensure consistency with the purpose 

7 and intent of the Secure And Fair Enforcement 

8 Regulation Banking Act, and the amendments 

9 made by that Act, and that such guidance en10 sures that a financial institution, and any direc11 tor, officer, employee, or agent of a financial in12 stitution, continues to report suspicious trans13 actions pursuant to this subsection, as applica14 ble, relating to State-sanctioned marijuana 

15 businesses and service providers to preserve the 

16 ability of the Financial Crimes Enforcement 

17 Network to prevent and combat illicit activity. 

18 ‘‘(B) DEFINITIONS.—In this paragraph: 

19 ‘‘(i) FINANCIAL SERVICE; SERVICE

20 PROVIDER; STATE; STATE-SANCTIONED

21 MARIJUANA BUSINESS.—The terms ‘finan22 cial service’, ‘service provider’, ‘State’, and 

23 ‘State-sanctioned marijuana business’ have 

24 the meanings given the terms in section 2 

25 of the SAFER Banking Act. 


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1 ‘‘(ii) INDIAN COUNTRY.—The term 

2 ‘Indian country’ has the meaning given the 

3 term in section 1151 of title 18. 

4 ‘‘(iii) INDIAN TRIBE.—The term ‘In5 dian Tribe’ has the meaning given the 

6 term ‘Indian tribe’ in section 102 of the 

7 Federally Recognized Indian Tribe List 

8 Act of 1994 (25 U.S.C. 5130). 

9 ‘‘(iv) MARIJUANA.—The term ‘mari10 juana’ has the meaning given the term 

11 ‘marihuana’ in section 102 of the Con12 trolled Substances Act (21 U.S.C. 802).’’. 

13 SEC. 7. GUIDANCE AND EXAMINATION PROCEDURES. 

14 (a) UNIFORM GUIDANCE AND EXAMINATION PROCE15 DURES.—Not later than 1 year after the date of enact16 ment of this Act, the Federal Financial Institutions Ex17 amination Council, in consultation with the Department 

18 of the Treasury, shall develop uniform guidance and exam19 ination procedures for depository institutions that provide 

20 financial services to State-sanctioned marijuana busi21 nesses and service providers. 

22 (b) LEGACY DEPOSITS.—The guidance and examina23 tion procedures described in subsection (a) shall permit 

24 a depository institution to accept a deposit of currency 

25 from a State-sanctioned marijuana business if— 


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1 (1) the business received the currency during 

2 the 90-day period ending on the date on which the 

3 business commenced its relationship with the deposi4 tory institution; 

5 (2) the business provided the depository institu6 tion with records sufficient to demonstrate the 

7 source of the currency being deposited by the busi8 ness; 

9 (3) the amount of the currency is reasonable in 

10 light of the expected revenue of the business, as de11 termined by the depository institution consistent 

12 with the risk-based procedures for ensuring compli13 ance with the section 5318(h) of title 31, United 

14 States Code, and any applicable regulations imple15 menting that section; and 

16 (4) the depository institution complies with any 

17 other applicable reporting requirements pursuant to 

18 subchapter II of chapter 53 of title 31, United 

19 States Code, and any applicable regulations imple20 menting that subchapter. 

21 SEC. 8. BANKING SERVICES FOR HEMP-RELATED LEGITI22 MATE BUSINESSES AND HEMP-RELATED 

23 SERVICE PROVIDERS. 

24 (a) FINDINGS.—Congress finds that— 


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1 (1) section 12619 of the Agriculture Improve2 ment Act of 2018 (Public Law 115–334; 132 Stat. 

3 5018) legalized hemp by removing it from the defini4 tion of marihuana under section 102 of the Con5 trolled Substances Act (21 U.S.C. 802); 

6 (2) despite the legalization of hemp, some hemp 

7 businesses (including producers, manufacturers, and 

8 retailers) continue to have difficulty gaining access 

9 to banking products and services; and 

10 (3) businesses involved in the sale of hemp-de11 rived CBD products are particularly affected, due to 

12 confusion about the legal status of such products. 

13 (b) DEFINITION.—In this section, the term ‘‘financial 

14 institution’’— 

15 (1) has the meaning given the term in section 

16 5312(a) of title 31, United States Code; and 

17 (2) includes a bank holding company, as de18 fined in section 2(a) of the Bank Holding Company 

19 Act of 1956 (12 U.S.C. 1841(a)). 

20 (c) FEDERAL BANKING REGULATORS’ HEMP BANK21 ING GUIDANCE.—Not later than the end of the 180-day 

22 period beginning on the date of enactment of this Act, 

23 each Federal banking regulator shall update guidance, as 

24 in effect on the date of enactment of this Act, regarding 

25 providing financial services to hemp-related legitimate 


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1 businesses and hemp-related service providers to ad2 dress— 

3 (1) compliance with obligations of financial in4 stitutions, as of the date of enactment of this Act, 

5 under Federal laws (including regulations) deter6 mined relevant by the Federal banking regulator and 

7 the Department of the Treasury, including sub8 chapter II of chapter 53 of title 31, United States 

9 Code, and its implementing regulation in conformity 

10 with this Act and the regulations relating to domes11 tic hemp production under part 990 of title 7, Code 

12 of Federal Regulations; and 

13 (2) best practices for financial institutions to 

14 follow when providing financial services, including 

15 processing payments, to hemp-related legitimate 

16 businesses and hemp-related service providers. 

17 SEC. 9. TREATMENT OF INCOME DERIVED FROM A STATE18 SANCTIONED MARIJUANA BUSINESS FOR 

19 QUALIFICATION FOR A COVERED MORTGAGE 

20 LOAN. 

21 (a) DEFINITION.—In this section, the term ‘‘covered 

22 mortgage loan’’ means any loan secured by a first or sub23 ordinate lien on residential real property, including indi24 vidual units of condominiums and cooperatives, designed 

25 principally for the occupancy of 1 to 4 families that is— 


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1 (1) insured by the Federal Housing Administra2 tion under title I or title II of the National Housing 

3 Act (12 U.S.C. 1702 et seq., 1707 et seq.); 

4 (2) insured under section 255 of the National 

5 Housing Act (12 U.S.C. 1715z–20); 

6 (3) guaranteed under section 184 or 184A of 

7 the Housing and Community Development Act of 

8 1992 (12 U.S.C. 1715z–13a, 1715z–13b); 

9 (4) guaranteed, insured, or made by the De10 partment of Veterans Affairs; 

11 (5) guaranteed, insured, or made by the De12 partment of Agriculture; 

13 (6) purchased or securitized by the Federal 

14 Home Loan Mortgage Corporation or the Federal 

15 National Mortgage Association; or 

16 (7) acquired or purchased by a Federal Home 

17 Loan Bank or pledged as collateral for an advance 

18 from a Federal Home Loan Bank. 

19 (b) TREATMENT OF INCOME.— 

20 (1) IN GENERAL.—Income derived from a 

21 State-sanctioned marijuana business that operates 

22 within a State, an Indian Tribe, or a political sub23 division of a State that allows the cultivation, pro24 duction, manufacture, sale, transportation, display, 

25 dispensing, distribution, or purchase of marijuana 


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1 pursuant to a law or regulation of the State, Indian 

2 Tribe, or political subdivision, as applicable, or a 

3 service provider (wherever located), shall be consid4 ered in the same manner as any other legal income 

5 for purposes of determining eligibility for a covered 

6 mortgage loan for a 1- to 4-unit property that is the 

7 principal residence of the mortgagor. 

8 (2) LIABILITY.—The mortgagee or servicer of a 

9 covered mortgage loan described in paragraph (1), 

10 or any Federal agency, the Federal National Mort11 gage Association, or the Federal Home Loan Mort12 gage Corporation, may not be held liable pursuant to 

13 any Federal law or regulation solely for— 

14 (A) providing, insuring, guaranteeing, pur15 chasing, or securitizing a mortgage to an other16 wise qualified borrower on the basis of the in17 come described in paragraph (1); or 

18 (B) accepting the income described in 

19 paragraph (1) as payment on the covered mort20 gage loan. 

21 (c) IMPLEMENTATION.—Not later than 180 days 

22 after the date of enactment of this Act— 

23 (1) the Federal Housing Administration shall 

24 implement subsection (b)— 


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1 (A) by notice or mortgagee letter for loans 

2 insured under title I, title II, or section 255 of 

3 the National Housing Act (12 U.S.C. 1702 et 

4 seq., 1707 et seq., 1715z–20); and 

5 (B) by lender letter for loans guaranteed 

6 under section 184 or 184A of the Housing and 

7 Community Development Act of 1992 (12 

8 U.S.C. 1715z–13a, 1715z–13b); 

9 (2) the Department of Veterans Affairs shall 

10 implement subsection (b) by circular or handbook 

11 for loans guaranteed, insured, or made by the De12 partment; 

13 (3) the Department of Agriculture shall imple14 ment subsection (b) by bulletin for loans guaranteed 

15 or made by the Department; 

16 (4) the Federal Home Loan Mortgage Corpora17 tion shall implement subsection (b) by updating its 

18 Single-Family Seller/Servicer Guide for loans pur19 chased or securitized by the Corporation; and 

20 (5) the Federal National Mortgage Association 

21 shall implement subsection (b) by updating its Sin22 gle Family Selling Guide for loans purchased or 

23 securitized by the Association. 


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1 SEC. 10. REQUIREMENTS FOR DEPOSIT ACCOUNTS. 

2 (a) SENSE OF CONGRESS.—It is the sense of Con3 gress that— 

4 (1) appropriate Federal banking agencies have 

5 a duty to ensure that the depository institutions su6 pervised by those agencies— 

7 (A) are operating in a safe and sound 

8 manner; and 

9 (B) have processes and procedures in place 

10 to identify fraudulent or illegal activity, whether 

11 activity occurs at a depository institution or 

12 through vendors or customers with which a de13 pository institution has a relationship; 

14 (2) the duty described in paragraph (1) rests on 

15 laws and regulations, not on personal beliefs or polit16 ical motivations; 

17 (3) undue pressure and coercion designed to re18 strict access to financial services for lawful busi19 nesses have no place at any appropriate Federal 

20 banking agency; 

21 (4) depository institutions should provide bank22 ing services in the communities in which those insti23 tutions serve while carrying out customer identifica24 tion, risk-based customer diligence, and suspicious 

25 activity monitoring and reporting obligations under 

26 subchapter II of chapter 53 of title 31, United 


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1 States Code (referred to in this section as the ‘‘Bank 

2 Secrecy Act’’), with respect to the customers of 

3 those institutions; 

4 (5) despite the fact that individual customers of 

5 depository institutions within broader customer cat6 egories present varying degrees of risk, all deposi7 tory institutions should take a risk-based approach 

8 in assessing individual customer relationships rather 

9 than decline to provide banking services to cat10 egories of customers without regard to the risks pre11 sented by an individual customer or the ability of the 

12 depository institution to manage the risk; 

13 (6) depository institutions that properly manage 

14 customer relationships and risks are neither prohib15 ited nor discouraged from providing services to cus16 tomers that are operating in compliance with appli17 cable Federal and State law; and 

18 (7) each depository institution is responsible for 

19 determining whether providing services to any par20 ticular customer is consistent with the business plan, 

21 risk profile, and management capabilities of the de22 pository institution. 

23 (b) CONDITIONS FOR TERMINATION.— 

24 (1) IN GENERAL.—An appropriate Federal 

25 banking agency may not request or require a deposiVerDate Sep 11 2014 00:38 Sep 21, 2023 Jkt 039200 PO 00000 Frm 00030 Fmt 6652 Sfmt 6201 E:\BILLS\S2860.IS S2860

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1 tory institution to terminate a specific deposit ac2 count or group of deposit accounts (including, but 

3 not limited to, any deposit account of any customer 

4 that is a State-sanctioned marijuana business or 

5 service provider), unless— 

6 (A) there is a valid reason for that request 

7 or requirement, as described in paragraph (2); 

8 and 

9 (B) reputational risk is not the dispositive 

10 factor for that request or requirement. 

11 (2) VALID REASONS.— 

12 (A) IN GENERAL.—To establish a valid 

13 reason for a request or requirement under para14 graph (1), the appropriate Federal banking 

15 agency shall document that the agency— 

16 (i) has reasonable cause to believe 

17 that the applicable depository institution or 

18 any institution-affiliated party has en19 gaged, is engaged, or is about to engage 

20 in— 

21 (I) an unsafe or unsound practice 

22 in conducting business; 

23 (II) a violation of an applicable 

24 law, rule, regulation, order, condition 

25 imposed in writing, formal or informal 


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1 enforcement action, or written agency 

2 formal or informal guidance, which 

3 shall include the priorities for anti4 money laundering and countering the 

5 financing of terrorism policy estab6 lished by the Secretary of the Treas7 ury under section 5318(h)(4) of title 

8 31, United States Code, or otherwise 

9 operating in a manner that is incon10 sistent with requirements of the Bank 

11 Secrecy Act; or 

12 (III) any activity, conduct, or 

13 condition that could lead to, or has 

14 led to, the issuance of a matter re15 quiring attention, a matter requiring 

16 immediate attention, a matter requir17 ing board attention, a document of 

18 resolution, or a supervisory rec19 ommendation; or 

20 (ii) has another reason, determined to 

21 be valid in the discretion of the agency, for 

22 making that request or imposing that re23 quirement. 

24 (B) TREATMENT OF NATIONAL SECURITY

25 AND ILLICIT FINANCE THREATS.—If an approVerDate Sep 11 2014 00:38 Sep 21, 2023 Jkt 039200 PO 00000 Frm 00032 Fmt 6652 Sfmt 6201 E:\BILLS\S2860.IS S2860

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1 priate Federal banking agency has reasonable 

2 cause to believe that a specific customer or 

3 group of customers is, or is acting for or on be4 half of, an entity that— 

5 (i) poses a threat to national security; 

6 (ii) is involved in terrorist or other il7 licit financing; 

8 (iii) is an agent of the Government of 

9 Iran, North Korea, Syria, or any country 

10 listed on the State Sponsors of Terrorism 

11 list; 

12 (iv) is in, or is subject to the jurisdic13 tion of, any country described in clause 

14 (iii); 

15 (v) does business with any entity de16 scribed in clause (iii) or (iv), unless the ap17 propriate Federal banking agency deter18 mines that the customer or group of cus19 tomers has conducted due diligence to 

20 avoid doing business with any entity de21 scribed in clause (iii) or (iv); or 

22 (vi) is engaged in— 

23 (I) any other illicit conduct di24 rectly or indirectly supporting a 

25 transnational criminal organization, 


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1 drug trafficking organization, or 

2 money laundering organization; or 

3 (II) any other criminal activity, 

4 such belief shall satisfy the conditions permit5 ting action by the appropriate Federal banking 

6 agency under paragraph (1). 

7 (c) NOTICE REQUIREMENT.—If an appropriate Fed8 eral banking agency requests or requires a depository in9 stitution to terminate a specific deposit account or a group 

10 of deposit accounts under subsection (b), the agency 

11 shall— 

12 (1) provide such request or requirement to the 

13 institution in writing; and 

14 (2) accompany such request or requirement 

15 with the valid reason for the request or requirement, 

16 as described in subsection (b)(2). 

17 (d) CUSTOMER NOTICE.— 

18 (1) NOTICE REQUIRED.—Except as provided in 

19 paragraph (2), or as otherwise prohibited from dis20 closure by law, if an appropriate Federal banking 

21 agency requests or requires a depository institution 

22 to terminate a deposit account under subsection (b), 

23 the depository institution shall notify in writing the 

24 specific customer or group of customers, the deposit 

25 account of which is being terminated, of the valid 


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1 reason for that termination, as determined under 

2 subsection (b)(2). 

3 (2) NOTICE PROHIBITED.— 

4 (A) NOTICE PROHIBITED IN CASES OF NA5 TIONAL SECURITY AND LAW ENFORCEMENT IN6 VESTIGATIONS.— 

7 (i) IN GENERAL.—Neither a deposi8 tory institution nor an appropriate Federal 

9 banking agency may provide the applicable 

10 customer or group of customers with the 

11 notice required under paragraph (1) if— 

12 (I) a Federal law enforcement 

13 agency or an element of the intel14 ligence community advises the deposi15 tory institution or the appropriate 

16 Federal banking agency that the no17 tice— 

18 (aa) may interfere with a 

19 matter of national security; 

20 (bb) involves a matter de21 scribed in subsection (b)(2)(B); 

22 or 

23 (cc) may interfere with a 

24 law enforcement investigation, 

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1 tion brought by a government 

2 agency; or 

3 (II) the depository institution or 

4 appropriate Federal banking agency 

5 knows or should know that, with re6 spect to that customer or group of 

7 customers, a criminal prosecution or a 

8 law enforcement investigation is pend9 ing. 

10 (ii) CONSULTATION AND REC11 OMMENDATIONS.—An appropriate Federal 

12 banking agency and depository institution 

13 shall consult with, and follow the rec14 ommendations of, a Federal law enforce15 ment agency or element of the intelligence 

16 community, as applicable, regarding wheth17 er the notice described in paragraph (1) is 

18 required under that paragraph or prohib19 ited under clause (i) of this subparagraph. 

20 (B) NOTICE PROHIBITED IN OTHER

21 CASES.—If an appropriate Federal banking 

22 agency requests or requires a depository institu23 tion to terminate a specific deposit account or 

24 a group of deposit accounts under subsection 

25 (b), neither the depository institution nor the 


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•S 2860 IS

1 appropriate Federal banking agency may notify 

2 the customer or group of customers of the jus3 tification for that action, if— 

4 (i) that notice may— 

5 (I) disclose the existence of a re6 port on suspicious transactions filed 

7 under section 5318(g) of title 31, 

8 United States Code; or 

9 (II) reveal confidential super10 visory information or a concern of an 

11 appropriate Federal banking agency 

12 relating to an internal control of a de13 pository institution; or 

14 (ii) the appropriate Federal banking 

15 agency has reasonable cause to believe that 

16 the depository institution or any institu17 tion-affiliated party has engaged, is en18 gaged, or is about to engage in— 

19 (I) a violation of an applicable 

20 law, rule, regulation, order, enforce21 ment action, condition imposed in 

22 writing, or formal or informal written 

23 agency guidance; or 


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•S 2860 IS

1 (II) an unsafe or unsound bank2 ing practice relating to that customer 

3 or group of customers. 

4 (e) REPORTING REQUIREMENT.—Each appropriate 

5 Federal banking agency shall— 

6 (1) submit to the Committee on Banking, 

7 Housing, and Urban Affairs of the Senate and the 

8 Committee on Financial Services of the House of 

9 Representatives an annual report stating— 

10 (A) the aggregate number of specific de11 posit accounts that the agency requested that a 

12 depository institution terminate, or required a 

13 depository institution to terminate, during the 

14 previous year; and 

15 (B) the legal authority on which the agen16 cy relied in making each request and require17 ment under subparagraph (A) and the fre18 quency on which the agency relied on each such 

19 authority; and 

20 (2) before submitting each report required 

21 under paragraph (1), provide the Inspector General 

22 of the agency with an opportunity to conduct an 

23 evaluation or review of the activity described in that 

24 report, which the Inspector General shall submit to 

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•S 2860 IS

1 rently with the submission of the report under para2 graph (1). 

3 (f) INCREASING ACCESS TO DEPOSIT ACCOUNTS FOR

4 BUSINESSES AND CONSUMERS.— 

5 (1) IN GENERAL.—Not later than 2 years after 

6 the date of enactment of this Act, the appropriate 

7 Federal banking agencies, in consultation with appli8 cable State bank supervisors, the Secretary of Com9 merce, and the Secretary of the Treasury, shall col10 lectively promulgate rules or guidance to increase ac11 cess to deposit accounts for businesses and con12 sumers. 

13 (2) STANDARDS.—The rules or guidance pro14 mulgated under paragraph (1) shall include stand15 ards for— 

16 (A) entering into and maintaining indi17 vidual consumer relationships and relationships 

18 with categories of consumers; 

19 (B) increasing access to deposit accounts— 

20 (i) in the communities in which depos21 itory institutions serve, including rural 

22 communities and low- and moderate-in23 come communities, which may be tailored 

24 to account for the business models of com25 munity banks and credit unions; and 


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1 (ii) for Tribal communities, including 

2 by overcoming historical barriers to au3 thenticating the identities of individuals 

4 and other challenges to obtaining deposit 

5 accounts; 

6 (C) depository institutions to use innova7 tive technologies to increase access to deposit 

8 accounts while maintaining appropriate third9 party risk management and oversight; and 

10 (D) features of a deposit account that are 

11 responsive to the needs of an unbanked busi12 ness or consumer. 

13 (g) BIENNIAL FDIC SURVEY AND REPORT ON AC14 CESS TO DEPOSIT ACCOUNTS BY SMALL AND MEDIUM15 SIZED BUSINESSES.— 

16 (1) IN GENERAL.—The Federal Deposit Insur17 ance Corporation shall conduct a biennial survey on 

18 the efforts of depository institutions to provide 

19 greater access to deposit accounts to small and me20 dium-sized businesses that may have encountered 

21 difficulties in accessing or maintaining deposit ac22 counts. 

23 (2) CONSIDERATIONS.—In conducting each sur24 vey required under paragraph (1), the Federal De25 posit Insurance Corporation shall consider what 


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1 issues and barriers most frequently prevent small 

2 and medium-sized businesses from accessing or 

3 maintaining deposit accounts that are necessary to 

4 operate those businesses. 

5 (h) RULE OF CONSTRUCTION.—Nothing in this sec6 tion may be construed to limit or restrict the authority 

7 of an appropriate Federal banking agency to— 

8 (1) identify or discuss potential supervisory 

9 findings with the staff or management of a deposi10 tory institution, including findings involving finan11 cial condition, governance, consumer protection, in12 ternal controls, or unsafe or unsound conditions; or 

13 (2) identify or discuss deficiencies in compliance 

14 or risks associated with the Bank Secrecy Act, in15 cluding anti-money laundering or countering the fi16 nancing of terrorism practices. 

17 (i) DEFINITIONS.—In this section: 

18 (1) APPROPRIATE FEDERAL BANKING AGEN19 CY.—The term ‘‘appropriate Federal banking agen20 cy’’ means— 

21 (A) the appropriate Federal banking agen22 cy, as defined in section 3 of the Federal De23 posit Insurance Act (12 U.S.C. 1813); and 

24 (B) the National Credit Union Administra25 tion, in the case of an insured credit union. 


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•S 2860 IS

1 (2) DEPOSITORY INSTITUTION.—The term ‘‘de2 pository institution’’ means— 

3 (A) a depository institution, as defined in 

4 section 3 of the Federal Deposit Insurance Act 

5 (12 U.S.C. 1813); and 

6 (B) an insured credit union. 

7 (3) INTELLIGENCE COMMUNITY.—The term 

8 ‘‘intelligence community’’ has the meaning given the 

9 term in section 3 of the National Security Act of 

10 1947 (50 U.S.C. 3003). 

11 SEC. 11. ANNUAL ACCESS TO FINANCIAL SERVICES RE12 PORT. 

13 The Federal banking regulators shall submit to Con14 gress an annual report containing— 

15 (1) information and data on the availability of 

16 access to financial services for minority-owned, vet17 eran-owned, women-owned, Tribal community18 owned, and small State-sanctioned marijuana busi19 nesses; and 

20 (2) any regulatory or legislative recommenda21 tions for expanding access to financial services for 

22 minority-owned, veteran-owned, women-owned, Trib23 al community-owned, and small State-sanctioned 

24 marijuana businesses and hemp-related legitimate 

25 businesses. 


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1 SEC. 12. GAO STUDY ON BARRIERS TO MARKETPLACE 

2 ENTRY. 

3 (a) STUDY.—The Comptroller General of the United 

4 States shall conduct a study on the barriers to market5 place entry, including in the licensing process, and the ac6 cess to financial services for potential and existing minor7 ity-owned, veteran-owned, women-owned, and small State8 sanctioned marijuana businesses and hemp-related legiti9 mate businesses. 

10 (b) REPORT.—Not later than 2 years after the date 

11 of enactment of this Act, the Comptroller General of the 

12 United States shall submit to Congress a report con13 taining— 

14 (1) all findings and determinations made in 

15 conducting the study required under subsection (a); 

16 and 

17 (2) any regulatory or legislative recommenda18 tions for removing barriers to marketplace entry and 

19 success, including in the licensing process, and ex20 panding access to financial services for potential and 

21 existing minority-owned, veteran-owned, women22 owned, and small State-sanctioned marijuana busi23 nesses and hemp-related legitimate businesses. 


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1 SEC. 13. GAO STUDY ON EFFECTIVENESS OF CERTAIN RE2 PORTS ON FINDING CERTAIN PERSONS. 

3 (a) IN GENERAL.—Not later than 2 years after the 

4 date of enactment of this Act, the Comptroller General 

5 of the United States, in consultation with the Attorney 

6 General, shall conduct a study on— 

7 (1) the effectiveness of reports on suspicious 

8 transactions filed pursuant to section 5318(g) of 

9 title 31, United States Code, at finding individuals 

10 or organizations suspected or known to be engaged 

11 with transnational criminal organizations; and 

12 (2) whether any engagement described in para13 graph (1) exists in a State, an Indian Tribe, or a 

14 political subdivision of a State that allows the cul15 tivation, production, manufacture, sale, transpor16 tation, display, dispensing, distribution, or purchase 

17 of marijuana. 

18 (b) REQUIREMENTS.—The study required under sub19 section (a) shall examine reports on suspicious trans20 actions— 

21 (1) relating to marijuana-related businesses, as 

22 described in the guidance entitled ‘‘BSA Expecta23 tions Regarding Marijuana-Related Businesses’’, 

24 published by the Financial Crimes Enforcement Net25 work of the Department of the Treasury on Feb26 ruary 14, 2014, during the period beginning on JanVerDate Sep 11 2014 00:38 Sep 21, 2023 Jkt 039200 PO 00000 Frm 00044 Fmt 6652 Sfmt 6201 E:\BILLS\S2860.IS S2860

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1 uary 1, 2014, and ending on the date of enactment 

2 of this Act; and 

3 (2) relating to State-sanctioned marijuana busi4 nesses during the period beginning on January 1, 

5 2014, and ending on the date that is 1 year after 

6 the date of enactment of this Act. 

7 SEC. 14. APPLICABILITY TO HEMP-RELATED LEGITIMATE 

8 BUSINESSES AND HEMP-RELATED SERVICE 

9 PROVIDERS. 

10 The provisions of this Act (other than sections 6 and 

11 13) shall apply with respect to hemp-related legitimate 

12 businesses and hemp-related service providers in the same 

13 manner as such provisions apply with respect to State14 sanctioned marijuana businesses and service providers. 

15 SEC. 15. RULES OF CONSTRUCTION. 

16 (a) NO REQUIREMENT TO PROVIDE FINANCIAL

17 SERVICES.—Nothing in this Act shall require a depository 

18 institution, an entity performing a financial service for or 

19 in association with a depository institution, a community 

20 development financial institution, or an insurer to provide 

21 financial services to a State-sanctioned marijuana busi22 ness, service provider, or any other business. 

23 (b) GENERAL EXAMINATION, SUPERVISORY, AND

24 ENFORCEMENT AUTHORITY.—Nothing in this Act may be 

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1 eral examination, supervisory, and enforcement authority 

2 of the Federal banking regulators (including the Depart3 ment of the Treasury), provided that any supervisory or 

4 enforcement action is not being taken solely because the 

5 provision of financial services to a State-sanctioned mari6 juana business or service provider. 

7 (c) BUSINESS OF INSURANCE.—Nothing in this Act 

8 shall interfere with the regulation of the business of insur9 ance in accordance with the Act entitled ‘‘An Act to ex10 press the intent of the Congress with reference to the reg11 ulation of the business of insurance’’, approved March 9, 

12 1945 (commonly known as the ‘‘McCarran-Ferguson 

13 Act’’; 15 U.S.C. 1011 et seq.), and the Dodd-Frank Wall 

14 Street Reform and Consumer Protection Act (12 U.S.C. 

15 5301 et seq.). 

16 (d) LAW ENFORCEMENT AUTHORITY.—Nothing in 

17 this Act shall restrict or limit the ability of Federal law 

18 enforcement agencies to investigate and prosecute money19 laundering crimes involving proceeds of illegal activity 

20 other than marijuana-related activities conducted in com21 pliance with the law of the State, Indian Tribe, or political 

22 subdivision of a State by a State-sanctioned marijuana 

23 business or service provider. 

Æ 


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