SAFE Banking Act of 2023
Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.
Secure and Fair Enforcement Banking Act of 2023 or the SAFE Banking Act of 2023
This bill provides protections for federally regulated financial institutions that serve state-sanctioned marijuana businesses. Currently, many financial institutions do not provide services to state-sanctioned marijuana businesses due to the federal classification of marijuana as a Schedule I controlled substance.
Under the bill, a federal banking regulator may not penalize a depository institution for providing banking services to a state-sanctioned marijuana business. For example, regulators may not terminate or limit the deposit or share insurance of a depository institution solely because the institution provides financial services to a state-sanctioned marijuana business.
The bill also prohibits a federal banking regulator from requesting or ordering a depository institution to terminate a customer account unless (1) the regulator has determined that the depository institution is engaging in an unsafe or unsound practice or is violating a law or regulation, and (2) that determination is not based primarily on reputation risk.
Additionally, proceeds from a transaction involving activities of a state-sanctioned marijuana business are no longer considered proceeds from unlawful activity. (Financial institutions that handle proceeds from unlawful activity are subject to anti-money laundering laws. Violators of these laws are subject to fines and imprisonment.)
Furthermore, a financial institution, insurer, or federal agency may not be held liable or subject to asset forfeiture under federal law for providing a loan, mortgage, or other financial service to a state-sanctioned marijuana business.
Referred to the Subcommittee on Economic Opportunity.
- Introduced in House Formatted Text PDF Formatted XML
Cite this page
U.S. Congress. (2026). H.R. 2891: SAFE Banking Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-2891/
"H.R. 2891: SAFE Banking Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-2891/.
H.R. 2891, 118th Cong. (2026), https://openamerica.io/bill/118-HR-2891/.
[H.R. 2891: SAFE Banking Act of 2023](https://openamerica.io/bill/118-HR-2891/)