House Bill 1996
117th Congress(2021-2022)
SAFE Banking Act of 2021
Active
Active
Passed House on Apr 19, 2021
Overview
Text
Introduced
Mar 18, 2021
Latest Action
Apr 20, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1996
Congress
117
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
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Passed
April 19, 2021
Type
Final Passage Under Suspension Of The Rules Results
House Roll Call Votes
Summary

Secure and Fair Enforcement Banking Act of 2021 or the SAFE Banking Act of 2021

This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. Prohibited penalties include terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate cannabis-related business and prohibiting or otherwise discouraging a depository institution from offering financial services to such a business.

Additionally, proceeds from a transaction involving activities of a legitimate cannabis-related business are not considered proceeds from unlawful activity. Proceeds from unlawful activity are subject to anti-money laundering laws.

Furthermore, a depository institution is not, under federal law, liable or subject to asset forfeiture for providing a loan or other financial services to a legitimate cannabis-related business.

The bill also provides that a federal banking agency may not request or order a depository institution to terminate a customer account unless (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk. Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism.

Text (3)
April 20, 2021
April 19, 2021
March 18, 2021
Actions (11)
04/20/2021
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
04/19/2021
Motion to reconsider laid on the table Agreed to without objection.
04/19/2021
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 101 (Roll no. 120). (text: CR H1915-1918)
04/19/2021
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 321 - 101 (Roll no. 120).(text: CR H1915-1918)
04/19/2021
Considered as unfinished business. (consideration: CR H1942-1943)
04/19/2021
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
04/19/2021
DEBATE - The House proceeded with forty minutes of debate on H.R. 1996.
04/19/2021
Considered under suspension of the rules. (consideration: CR H1915-1924)
04/19/2021
Mr. Perlmutter moved to suspend the rules and pass the bill, as amended.
03/18/2021
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.
03/18/2021
Introduced in House
Public Record
Record Created
Mar 19, 2021 7:12:11 AM
Record Updated
Sep 22, 2021 6:25:20 PM