I 
118TH CONGRESS 
1ST SESSION H. R. 2891 
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 HOUSE OF REPRESENTATIVES 
APRIL 26, 2023 
Mr. JOYCE of Ohio (for himself, Mr. BLUMENAUER, Mr. DAVIDSON, Mr. 
HIMES, Mr. MAST, Ms. LEE of California, Mr. RESCHENTHALER, Ms. 
VELA´ZQUEZ, Mrs. CHAVEZ-DEREMER, and Mr. CORREA) introduced the 
following bill; which was referred to the Committee on Financial Services, 
and in addition to the Committees on the Judiciary, and Veterans’ Af-
fairs, for a period to be subsequently determined by the Speaker, in each 
case for consideration of such provisions as fall within the jurisdiction of 
the committee concerned 
A BILL 
To create protections for financial institutions that provide 
financial services to State-sanctioned marijuana busi-
nesses and service providers for such businesses, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Secure And Fair Enforcement Banking Act of 2023’’ or 
the ‘‘SAFE Banking Act of 2023’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
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 busi-
nesses. 
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-re-
lated service providers. 
Sec. 9. Treatment of income derived from a State-sanctioned marijuana busi-
ness for qualification for a federally backed single-family mort-
gage loan. 
Sec. 10. Requirements for deposit account termination requests and orders. 
Sec. 11. Annual diversity and inclusion report. 
Sec. 12. GAO study on diversity and inclusion. 
Sec. 13. GAO study on effectiveness of certain reports on finding certain per-
sons. 
Sec. 14. Applicability to hemp-related legitimate businesses and hemp-related 
service providers. 
Sec. 15. Rules of construction. 
SEC. 2. DEFINITIONS. 
In this Act: 
(1) BUSINESS
OF
INSURANCE.—The term 
‘‘business of insurance’’ has the meaning given the 
term in section 1002 of the Consumer Financial 
Protection Act of 2010 (12 U.S.C. 5481). 
(2) 
CBD.—The 
term 
‘‘CBD’’ 
means 
cannabidiol. 
(3) COMMUNITY DEVELOPMENT FINANCIAL IN-
STITUTION.—The term ‘‘community development fi-
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nancial institution’’ has the meaning given the term 
in section 103 of the Community Development 
Banking and Financial Institutions Act of 1994 (12 
U.S.C. 4702). 
(4) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’— 
(A) means— 
(i) a depository institution, as defined 
in section 3(c) of the Federal Deposit In-
surance Act (12 U.S.C. 1813(c)); 
(ii) a Federal credit union, as defined 
in section 101 of the Federal Credit Union 
Act (12 U.S.C. 1752); and 
(iii) a State credit union, as defined in 
section 101 of the Federal Credit Union 
Act (12 U.S.C. 1752); and 
(B) includes any minority depository insti-
tution, as defined in section 308 of the Finan-
cial Institutions Reform, Recovery, and En-
forcement Act of 1989 (12 U.S.C. 1463 note). 
(5) 
FEDERAL
BANKING
REGULATOR.—The 
term ‘‘Federal banking regulator’’ means each of the 
Board of Governors of the Federal Reserve System, 
the Bureau of Consumer Financial Protection, the 
Federal Deposit Insurance Corporation, the Federal 
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Housing Finance Agency, the Office of the Comp-
troller of the Currency, the National Credit Union 
Administration, the Department of the Treasury (in-
cluding the Financial Crimes Enforcement Network 
and the Office of Foreign Assets Control), or any 
Federal agency or department that regulates bank-
ing or financial services, as determined by the Sec-
retary of the Treasury. 
(6) FINANCIAL
PRODUCT
OR
SERVICE.—The 
term ‘‘financial product or service’’ has the meaning 
given the term in section 1002 of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 5481). 
(7) FINANCIAL SERVICE.—The term ‘‘financial 
service’’— 
(A) means— 
(i) a financial product or service, re-
gardless of whether the customer receiving 
the product or service is a consumer or 
commercial entity; or 
(ii) a financial product or service, or 
any combination of products and services, 
permitted to be provided by— 
(I) a national bank or a financial 
subsidiary pursuant to the authority 
provided under— 
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(aa) the paragraph des-
ignated as the ‘‘Seventh’’ of sec-
tion 5136 of the Revised Statutes 
(12 U.S.C. 24); or 
(bb) section 5136A of the 
Revised 
Statutes 
(12 
U.S.C. 
24a); 
(II) a Federal credit union, pur-
suant to the authority provided under 
the Federal Credit Union Act (12 
U.S.C. 1751 et seq.); or 
(III) a community development 
financial institution; and 
(B) includes— 
(i) the business of insurance; 
(ii) whether performed directly or in-
directly, the authorizing, processing, clear-
ing, settling, billing, transferring for de-
posit, transmitting, delivering, instructing 
to be delivered, reconciling, collecting, or 
otherwise effectuating or facilitating the 
payment of funds that are made or trans-
ferred by any means, including by the use 
of credit cards, debit cards, other payment 
cards, or other access devices, accounts, 
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original or substitute checks, or electronic 
funds transfers; 
(iii) acting as a money transmitting 
business that directly or indirectly makes 
use of a depository institution in connec-
tion with effectuating or facilitating a pay-
ment for a State-sanctioned marijuana 
business or service provider in compliance 
with section 5330 of title 31, United 
States Code, and any applicable State or 
Tribal law; and 
(iv) acting as an armored car service 
for processing and depositing with a depos-
itory institution or a Federal reserve bank 
with respect to any monetary instruments, 
as defined in section 1956(c)(5) of title 18, 
United States Code. 
(8) HEMP.—The term ‘‘hemp’’ has the meaning 
given the term in section 297A of the Agricultural 
Marketing Act of 1946 (7 U.S.C. 1639o). 
(9) HEMP-RELATED LEGITIMATE BUSINESS.— 
The term ‘‘hemp-related legitimate business’’ means 
a manufacturer, producer, or any person or company 
that— 
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(A) engages in any activity described in 
subparagraph (B) in conformity with the Agri-
culture Improvement Act of 2018 (Public Law 
115–334; 132 Stat. 4490), amendments made 
by that Act, and the regulations issued to im-
plement that Act by the Department of Agri-
culture, where applicable, and the law of a 
State, an Indian Tribe, or a political subdivision 
of a State; and 
(B) participates in any business or orga-
nized activity that involves handling hemp, 
hemp-derived CBD products, and other hemp- 
derived cannabinoid products, including culti-
vating, producing, extracting, manufacturing, 
selling, transporting, displaying, dispensing, dis-
tributing, or purchasing hemp, hemp-derived 
CBD 
products, 
and 
other 
hemp-derived 
cannabinoid products. 
(10) HEMP-RELATED SERVICE PROVIDER.—The 
term ‘‘hemp-related service provider’’— 
(A) means a business, organization, or 
other person that— 
(i) sells goods or services to a hemp- 
related legitimate business; or 
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(ii) provides any business services, in-
cluding the sale or lease of real or any 
other property, legal or other licensed serv-
ices, or any other ancillary service, relating 
to hemp, hemp-derived CBD products, or 
other hemp-derived cannabinoid products; 
and 
(B) does not include a business, organiza-
tion, or other person that participates in any 
business or organized activity that involves han-
dling hemp, hemp-derived CBD products, or 
other hemp-derived cannabinoid products, in-
cluding cultivating, producing, manufacturing, 
selling, transporting, displaying, dispensing, dis-
tributing, or purchasing hemp, hemp-derived 
CBD 
products, 
and 
other 
hemp-derived 
cannabinoid products. 
(11) INDIAN TRIBE.—The term ‘‘Indian Tribe’’ 
has the meaning given the term ‘‘Indian tribe’’ in 
section 102 of the Federally Recognized Indian 
Tribe List Act of 1994 (25 U.S.C. 5130). 
(12) INSURER.—The term ‘‘insurer’’ has the 
meaning given the term in section 313(r) of title 31, 
United States Code. 
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(13) MANUFACTURER.—The term ‘‘manufac-
turer’’ means a person who manufactures, com-
pounds, converts, processes, prepares, or packages 
marijuana or marijuana products. 
(14) MARIJUANA.—The term ‘‘marijuana’’ has 
the meaning given the term ‘‘marihuana’’ in section 
102 of the Controlled Substances Act (21 U.S.C. 
802). 
(15) MARIJUANA PRODUCT.—The term ‘‘mari-
juana product’’ means any article that contains 
marijuana, including an article that is a concentrate, 
an edible, a tincture, a marijuana-infused product, 
or a topical. 
(16) PRODUCER.—The term ‘‘producer’’ means 
a person who plants, cultivates, harvests, or in any 
way facilitates the natural growth of marijuana. 
(17) SERVICE PROVIDER.—The term ‘‘service 
provider’’— 
(A) means a business, organization, or 
other person that— 
(i) sells goods or services to a State- 
sanctioned marijuana business; or 
(ii) provides any business services, in-
cluding the sale or lease of real or any 
other property, legal or other licensed serv-
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ices, or any other ancillary service, relating 
to a State-sanctioned marijuana business; 
and 
(B) does not include a business, organiza-
tion, or other person that participates in any 
business or organized activity that involves han-
dling marijuana or marijuana products, includ-
ing cultivating, producing, manufacturing, sell-
ing, transporting, displaying, dispensing, dis-
tributing, or purchasing marijuana or mari-
juana products. 
(18) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, the 
Commonwealth of Puerto Rico, and any territory or 
possession of the United States. 
(19) STATE-SANCTIONED
MARIJUANA
BUSI-
NESS.—The term ‘‘State-sanctioned marijuana busi-
ness’’ means a manufacturer, producer, or any per-
son that— 
(A) engages in any activity described in 
subparagraph (B) pursuant to a law established 
by a State, an Indian Tribe, or a political sub-
division of a State, as determined by such 
State, Indian Tribe, or political subdivision; and 
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(B) participates in any business or orga-
nized activity that involves handling marijuana 
or marijuana products, including cultivating, 
producing, manufacturing, selling, transporting, 
displaying, dispensing, distributing, or pur-
chasing marijuana or marijuana products. 
SEC. 3. SAFE HARBOR FOR DEPOSITORY INSTITUTIONS. 
(a) PROHIBITION.—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.) or the Federal Credit Union Act (12 U.S.C. 
1751 et seq.) or take any other adverse action 
against a depository institution under the Federal 
Deposit Insurance Act (12 U.S.C. 1811 et seq.) or 
the Federal Credit Union Act (12 U.S.C. 1751 et 
seq.) solely because the depository institution pro-
vides or has provided financial services to a State- 
sanctioned marijuana business or service provider; 
(2) prohibit, penalize, or otherwise discourage a 
depository institution from providing financial serv-
ices to— 
(A) a State-sanctioned marijuana business 
or service provider solely because the business 
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or service provider is a State-sanctioned mari-
juana business or service provider; or 
(B) a State, an Indian Tribe, or a political 
subdivision of a State solely because that entity 
exercises 
jurisdiction 
over 
State-sanctioned 
marijuana businesses; 
(3) recommend, incentivize, or encourage a de-
pository institution not to offer financial services to 
an account holder, or to downgrade or cancel the fi-
nancial services offered to an account holder, solely 
because— 
(A) the account holder is a State-sanc-
tioned marijuana business or service provider, 
or is an employee, owner, or operator of a 
State-sanctioned marijuana business or service 
provider; 
(B) the account holder later becomes an 
employee, owner, or operator of a State-sanc-
tioned marijuana business or service provider; 
or 
(C) the depository institution was not 
aware, after conducting sufficient risk-based 
customer due diligence in accordance with ap-
plicable requirements, that the account holder is 
an employee, owner, or operator of a State- 
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sanctioned marijuana business or service pro-
vider; 
(4) take any adverse or corrective supervisory 
action on a loan made to— 
(A) a State-sanctioned marijuana business 
or service provider, solely because the business 
is a State-sanctioned marijuana business or 
service provider; 
(B) an employee, owner, or operator of a 
State-sanctioned marijuana business or service 
provider, solely because the employee, owner, or 
operator is employed by, owns, or operates a 
State-sanctioned marijuana business or service 
provider, as applicable; or 
(C) an owner or operator of real estate or 
equipment that is leased to a State-sanctioned 
marijuana business or service provider, solely 
because the owner or operator of the real estate 
or equipment leased the equipment or real es-
tate to a State-sanctioned marijuana business 
or service provider, as applicable; or 
(5) prohibit or penalize a depository institution 
(or entity performing a financial service for or in as-
sociation with a depository institution) for, or other-
wise discourage a depository institution (or entity 
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performing a financial service for or in association 
with a depository institution) from, engaging in a fi-
nancial service for a State-sanctioned marijuana 
business or service provider solely because the busi-
ness or service provider is a State-sanctioned mari-
juana business or service provider. 
(b) SAFE HARBOR APPLICABLE TO DE NOVO INSTI-
TUTIONS.—Subsection (a) shall apply to an institution ap-
plying for a depository institution charter to the same ex-
tent as such subsection applies to a depository institution. 
SEC. 4. PROTECTIONS FOR PROVIDING SERVICES TO 
STATE-SANCTIONED 
MARIJUANA 
BUSI-
NESSES. 
For the purposes of sections 1956 and 1957 of title 
18, United States Code, and all other provisions of Fed-
eral law, the proceeds from marijuana-related activities of 
a State-sanctioned marijuana business or service provider 
that conducts all of its marijuana-related activity in com-
pliance with the marijuana-related law of the State, Indian 
Tribe, or political subdivision of the State shall not be con-
sidered proceeds from an unlawful activity solely be-
cause— 
(1) the transaction involves proceeds from a 
State-sanctioned marijuana business or service pro-
vider; or 
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(2) the transaction involves proceeds from— 
(A) marijuana-related activities described 
in section 2(19)(B) conducted by a State-sanc-
tioned marijuana business; or 
(B) activities described in section 2(17)(A) 
conducted by a service provider. 
SEC. 5. PROTECTIONS UNDER FEDERAL LAW. 
(a) IN GENERAL.—With respect to providing a finan-
cial service to a State-sanctioned marijuana business 
(where such State-sanctioned marijuana business operates 
within a State, an Indian Tribe, or a political subdivision 
of a State that allows the cultivation, production, manu-
facture, sale, transportation, display, dispensing, distribu-
tion, or purchase of marijuana pursuant to a law or regu-
lation of such State, Indian Tribe, or political subdivision, 
as applicable) or a service provider (wherever located), a 
depository institution, an entity performing a financial 
service for or in association with a depository institution, 
a community development financial institution, or an in-
surer that provides a financial service to a State-sanc-
tioned marijuana business or service provider, and the of-
ficers, directors, employees, and agents of that depository 
institution, entity, community development financial insti-
tution, or insurer may not be held liable pursuant to any 
Federal law or regulation— 
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(1) solely for providing such a financial service; 
or 
(2) for further investing any income derived 
from such a financial service. 
(b) PROTECTIONS FOR FEDERAL RESERVE BANKS 
AND FEDERAL HOME LOAN BANKS.—With respect to 
providing a service to a depository institution that pro-
vides a financial service to a State-sanctioned marijuana 
business (where such State-sanctioned marijuana business 
operates within a State, an Indian Tribe, or a political 
subdivision of a State that allows the cultivation, produc-
tion, manufacture, sale, transportation, display, dis-
pensing, distribution, or purchase of marijuana pursuant 
to a law or regulation of such State, Indian Tribe, or polit-
ical subdivision, as applicable) or service provider (wher-
ever located), a Federal reserve bank or Federal Home 
Loan Bank, and the officers, directors, and employees of 
the Federal reserve bank or Federal Home Loan Bank, 
may not be held liable pursuant to any Federal law or 
regulation— 
(1) solely for providing such a service; or 
(2) for further investing any income derived 
from such a service. 
(c) PROTECTIONS FOR INSURERS.—With respect to 
engaging in the business of insurance within a State, an 
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Indian Tribe, or a political subdivision of a State that al-
lows the cultivation, production, manufacture, sale, trans-
portation, display, dispensing, distribution, or purchase of 
marijuana pursuant to a law or regulation of such State, 
Indian Tribe, or political subdivision, as applicable, an in-
surer that engages in the business of insurance with a 
State-sanctioned marijuana business or service provider or 
that otherwise engages with a person in a transaction per-
missible pursuant to a law (including regulations) of such 
State, Indian Tribe, or political subdivision related to 
marijuana, and the officers, directors, and employees of 
that insurer, may not be held liable pursuant to any Fed-
eral law or regulation— 
(1) solely for engaging in the business of insur-
ance; or 
(2) for further investing any income derived 
from the business of insurance. 
(d) FORFEITURE.— 
(1) DEPOSITORY
INSTITUTIONS
AND
COMMU-
NITY DEVELOPMENT FINANCIAL INSTITUTIONS.—A 
depository institution or community development fi-
nancial institution that has a legal interest in the 
collateral for a loan or another financial service pro-
vided to an owner, employee, or operator of a State- 
sanctioned marijuana business or service provider, or 
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to an owner or operator of real estate or equipment 
that is leased or sold to a State-sanctioned mari-
juana business or service provider, shall not be sub-
ject to criminal, civil, or administrative forfeiture of 
that legal interest pursuant to any Federal law sole-
ly for providing such loan or other financial service. 
(2) FEDERAL RESERVE BANKS AND FEDERAL 
HOME
LOAN
BANKS.—A Federal reserve bank or 
Federal Home Loan Bank that has a legal interest 
in the collateral for a loan or another financial serv-
ice provided to a depository institution that provides 
a financial service to a State-sanctioned marijuana 
business or service provider, or to an owner or oper-
ator of real estate or equipment that is leased or 
sold to a State-sanctioned marijuana business or 
service provider, shall not be subject to criminal, 
civil, or administrative forfeiture of that legal inter-
est pursuant to any Federal law for providing such 
loan or other financial service. 
(3) FEDERAL NATIONAL MORTGAGE ASSOCIA-
TION, FEDERAL HOME LOAN MORTGAGE CORPORA-
TION, AND FEDERAL AGENCIES MAKING, INSURING, 
OR GUARANTEEING MORTGAGE LOANS OR SECURI-
TIES.—The Federal National Mortgage Association, 
the Federal Home Loan Mortgage Corporation, and 
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any Federal agency that has a legal interest in the 
collateral for a residential mortgage loan, including 
individual units of condominiums and cooperatives, 
provided that the collateral is a property designed 
principally for the occupancy of 1 to 4 families and 
underwritten, in whole or in part, based on income 
from a State-sanctioned marijuana business or serv-
ice provider, shall not be subject to criminal, civil, or 
administrative forfeiture of that legal interest pursu-
ant to any Federal law for providing, insuring, guar-
anteeing, purchasing, securitizing, or guaranteeing 
payments from a security based on such loan. 
(4) OTHER PARTIES TO MORTGAGE LOANS.—A 
nondepository lender that makes a federally backed 
mortgage loan, as defined in section 9(a), and any 
person who otherwise has a legal interest in such a 
loan or in the collateral of the loan, including indi-
vidual units of condominiums and cooperatives, pro-
vided that the collateral is a property designed prin-
cipally for the occupancy of 1 to 4 families and un-
derwritten, in whole or in part, based on income 
from a State-sanctioned marijuana business or serv-
ice provider, shall not be subject to criminal, civil, or 
administrative forfeiture of that legal interest pursu-
ant to any Federal law for providing, purchasing, 
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securitizing, accepting, and making payments related 
to such federally backed mortgage loan solely be-
cause loan payments or underwriting are based on 
income that is in whole or in part from a State-sanc-
tioned marijuana business or service provider. 
(5) DEFINITION.—In this subsection, the term 
‘‘collateral’’ does not include marijuana or a mari-
juana product. 
SEC. 6. REQUIREMENTS FOR FILING SUSPICIOUS ACTIVITY 
REPORTS. 
Section 5318(g) of title 31, United States Code, is 
amended— 
(1) by redesignating paragraph (11) as para-
graph (12); and 
(2) by inserting after paragraph (10) the fol-
lowing: 
‘‘(11) REQUIREMENTS FOR STATE-SANCTIONED 
MARIJUANA BUSINESSES.— 
‘‘(A) IN GENERAL.—With respect to a fi-
nancial institution, or any director, officer, em-
ployee, or agent of a financial institution, that 
reports a suspicious transaction pursuant to 
this subsection, if the reason for the report re-
lates to a State-sanctioned marijuana business 
or service provider, the report shall comply with 
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appropriate guidance issued by the Secretary of 
the Treasury. Not later than the end of the 
180-day period beginning on the date of enact-
ment of the Secure And Fair Enforcement 
Banking Act of 2023, the Secretary shall 
amend the February 14, 2014, guidance titled 
‘BSA Expectations Regarding Marijuana-Re-
lated Businesses’ (FIN–2014–G001) or issue 
new guidance to ensure consistency with the 
purpose and intent of the Secure And Fair En-
forcement Banking Act of 2023, and the 
amendments made by that Act, and that such 
guidance ensures that a financial institution, 
and any director, officer, employee, or agent of 
a financial institution, continues to report sus-
picious transactions pursuant to this subsection, 
as applicable, relating to State-sanctioned mari-
juana businesses and service providers to pre-
serve the ability of the Financial Crimes En-
forcement Network to prevent and combat illicit 
activity. 
‘‘(B) DEFINITIONS.—In this paragraph: 
‘‘(i) FINANCIAL
SERVICE; 
SERVICE 
PROVIDER; 
STATE; 
STATE-SANCTIONED 
MARIJUANA BUSINESS.—The terms ‘finan-
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cial service’, ‘service provider’, ‘State’, and 
‘State-sanctioned marijuana business’ have 
the meanings given the terms in section 2 
of the SAFE Banking Act of 2023. 
‘‘(ii) INDIAN
COUNTRY.—The term 
‘Indian country’ has the meaning given the 
term in section 1151 of title 18. 
‘‘(iii) INDIAN TRIBE.—The term ‘In-
dian Tribe’ has the meaning given the 
term ‘Indian tribe’ in section 102 of the 
Federally Recognized Indian Tribe List 
Act of 1994 (25 U.S.C. 5130). 
‘‘(iv) MARIJUANA.—The term ‘mari-
juana’ has the meaning given the term 
‘marihuana’ in section 102 of the Con-
trolled Substances Act (21 U.S.C. 802).’’. 
SEC. 7. GUIDANCE AND EXAMINATION PROCEDURES. 
(a) UNIFORM GUIDANCE AND EXAMINATION PROCE-
DURES.—Not later than 180 days after the date of enact-
ment of this Act, the Federal Financial Institutions Ex-
amination Council, in consultation with the Department 
of the Treasury, shall develop uniform guidance and exam-
ination procedures for depository institutions that provide 
financial services to State-sanctioned marijuana busi-
nesses and service providers. 
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