Marijuana Businesses Access to Banking Act of 2015

Bill: 114-hr-2076
Sponsor: Rep. Perlmutter, Ed [D-CO-7]
Introduced: 2015-04-28 in the House
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital
Banking and financial institutions regulation
Credit and credit markets
Criminal investigation, prosecution, interrogation
Criminal justice information and records
Drug trafficking and controlled substances
Financial services and investments
Fraud offenses and financial crimes
Government information and archives

Summary:
action_date: 2015-04-28
text: 

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.

Legislative actions:
action_date: 2015-06-01
text: Referred to the Subcommittee on Crime, Terrorism, Homeland Security, and Investigations.
action_date: 2015-04-28
text: Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, 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.
action_date: 2015-04-28
text: Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, 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.
action_date: 2015-04-28
text: Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, 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.
action_date: 2015-04-28
text: Introduced in House
action_date: 2015-04-28
text: Introduced in House