Urge Your U.S. Senators to Include SAFE Banking Act provisions in COVID-19 Relief Package!
Difficulty in finding banks and credit card companies to handle financial transactions has been plaguing the hemp industry for many months. Too many financial institutions refuse to do business with hemp and CBD companies, worried about the risk that they will be sanctioned by federal agencies.
The SAFE Banking Act, which passed the U.S. House last year by a bipartisan 3-1 margin offers a solution. The bill would provide federal protections for hemp and CBD financial transactions by:
- Providing a safe harbor for hemp financial transactions, ensuring that banks and other financial institutions would not face federal punishment for those activities; and
- Directing the federal financial regulators (FDIC, Federal Reserve, etc.) to issue clear, formal guidance to banks, credit card companies and other financial institutions about the legality of hemp and CBD commerce.
Check out Sections 11-12 of the SAFE Banking Act for details.
The SAFE Banking Act language has been included in the U.S. House’s latest coronavirus relief package. Please email your U.S. Senators to urge them to support retention of this pro-hemp language in the final relief bill.
As always, we have made it easy for you – just type in your zip code, to send the message to your Senators. Please feel free to personalize the message to share your stories about problems with banking and merchant services.