Congressman Joyce Reintroduces SAFE Banking Act

07/01/26

Ohio Congressman Dave Joyce has reintroduced the Secure and Fair Enforcement Banking Act, bipartisan legislation that would finally provide needed legal clarity for financial institutions serving state-legal cannabis businesses. The bill would prevent federal banking regulators from penalizing, discouraging or restricting banks that choose to provide financial services to cannabis-related businesses operating legally under state law.

The continued conflict between state and federal cannabis laws has created a serious public safety and compliance problem. In states where cannabis has been legalized in some form, many legitimate businesses remain forced to operate largely in cash because financial institutions lack clear federal protections. That cash-heavy environment increases the risk of robbery, money laundering, tax evasion and other criminal activity while making it harder for banks, regulators and law enforcement to monitor financial activity through the traditional banking system.

The SAFE Banking Act would provide a federal safe harbor for banks, their officers and employees, and other financial service providers that serve state-legal cannabis businesses and the vendors that support them, such as landlords, accountants, law firms and skilled trades. Importantly, the legislation does not require any bank to serve the cannabis industry. Instead, it preserves the ability of each institution to make its own risk-based business decision while ensuring that banks are not punished by federal regulators solely for serving customers that are legal under state law.

For Ohio banks, this legislation represents a practical and long-overdue step toward resolving a growing disconnect in federal law. OBL has supported this bill for years. Congressman Joyce's continued leadership on this issue is important for banks, small businesses, law enforcement and communities that are better served when financial activity is brought into the regulated banking system rather than pushed into cash.