Marijuana Businesses Access to Banking Act of 2015

To create protections for depository institutions that provide financial services to marijuana-related businesses, and for other purposes. 1. Short title This Act may be cited as the Marijuana Businesses Access to Banking Act of 2015 2. Safe harbor for depository institutions A Federal banking regulator may not— (1) terminate or limit the deposit insurance or share insurance of a depository institution under the Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq. 12 U.S.C. 1751 et seq. (2) prohibit, penalize, or otherwise discourage a depository institution from providing financial services to a marijuana-related legitimate business; (3) recommend, incentivize, or encourage a depository institution not to offer financial services to an individual, or to downgrade or cancel the financial services offered to an individual solely because— (A) the individual is a manufacturer or producer, or is the owner or operator of a marijuana-related legitimate business; (B) the individual later becomes an owner or operator of a marijuana-related legitimate business; or (C) the depository institution was not aware that the individual is the owner or operator of a marijuana-related legitimate business; and (4) take any adverse or corrective supervisory action on a loan to an owner or operator of— (A) a marijuana-related legitimate business solely because the business owner or operator is a marijuana-related business; or (B) real estate or equipment that is leased to a marijuana-related legitimate business solely because the owner or operator of the real estate or equipment leased the equipment or real estate to a marijuana-related legitimate business. 3. Protections under Federal law (a) In general In a State or political subdivision that allows the cultivation, production, manufacturing, transportation, display, dispensing, distribution, sale, or purchase of marijuana pursuant to a law (including regulations) of the State or political subdivision, a depository institution and the officers, director, and employees of the depository institution that provides financial services to a marijuana-related legitimate business may not be held liable pursuant to any Federal law (including regulations)— (1) solely for providing the financial services pursuant to the law (including regulations) of the State or political subdivision; or (2) for further investing any income derived from the financial services. (b) Forfeiture A depository institution that has a legal interest in the collateral for a loan made to an owner or operator of a marijuana-related legitimate business, or to an owner or operator of real estate or equipment that is leased to a marijuana-related legitimate business, shall not be subject to criminal, civil, or administrative forfeiture of that legal interest pursuant to any Federal law for providing the loan. 4. Rule of construction Nothing in this Act shall require a depository institution to provide financial services to a marijuana-related legitimate business. 5. Requirements for filing suspicious activity reports Section 5318(g) of title 31, United States Code, is amended by adding at the end the following: (5) Requirements for marijuana-related businesses A financial institution or any director, officer, employee, or agent of a financial institution that reports a suspicious transaction pursuant to a marijuana-related legitimate business (as defined in section 6 of the Marijuana Businesses Access to Banking Act of 2015 Marijuana Businesses Access to Banking Act of 2015 . 6. Definitions In this Act: (1) Depository institution The term depository institution (A) a depository institution as defined in section 3(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(c) (B) a Federal credit union as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 (C) a State credit union as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 (2) Federal banking regulator The term Federal banking regulator (3) Financial service The term financial service 12 U.S.C. 5481 (4) Manufacturer The term manufacturer (5) Marijuana-related legitimate business The term marijuana-related legitimate business (A) participates in any business or organized activity that involves handling marijuana or marijuana products, including cultivating, producing, manufacturing, selling, transporting, displaying, dispensing, distributing, or purchasing marijuana or marijuana products; and (B) engages in such activity pursuant to a law established by a State or a political subdivision of a State. (6) Marijuana The term marijuana marihuana 21 U.S.C. 802 (7) Marijuana product The term marijuana product (8) Producer The term producer (9) State The term State

Summary: Marijuana Businesses Access to Banking Act of 2015 This bill provides a safe harbor for depository institutions providing financial services to a marijuana-related legitimate business insofar as it prohibits a federal banking regulator from: (1) terminating or limiting the deposit or share insurance of a depository institution solely because it provides financial services to a marijuana-related legitimate business; or (2) prohibiting, penalizing, or otherwise discouraging a depository institution from offering such services. A federal banking regulator may neither recommend, motivate, provide incentives, nor encourage a depository institution to refuse to offer financial services to an individual, nor downgrade or cancel financial services offered to an individual, solely because the individual: (1) is a manufacturer, producer, owner or operator of a marijuana-related legitimate business; or (2) the depository institution was not aware that the individual is the owner or operator of a marijuana-related legitimate business. A federal banking regulator may not take any adverse or corrective supervisory action, solely because of the business involved, on a loan made to an owner or operator of: (1) a marijuana-related legitimate business, or (2) real estate or equipment that is leased to a marijuana-related legitimate business. Immunity from federal criminal prosecution or investigation is granted, subject to certain conditions, to a depository institution that provides financial services to a marijuana-related legitimate business in a state or one of its political subdivisions that allows the cultivation, production, manufacture, sale, transportation, display, dispensing, distribution, or purchase of marijuana. Neither the depository institution nor its officers, directors, nor employees may be held liable under federal law or regulation solely for providing such financial services or further investing income derived from those services. The Department of the Treasury must require any suspicious activity report filed by a financial institution regarding a marijuana-based business to comply with specified guidance of the Financial Crimes Enforcement Network. Treasury must ensure that the guidance is consistent with the Marijuana Businesses Access to Banking Act of 2015 and does not inhibit the provision of financial services to a marijuana-related legitimate business in a state or local government that allows the cultivation, production, manufacturing, transportation, display, dispensing, distribution, sale, or purchase of marijuana.