1726 -- Marijuana Businesses Access to Banking Act of 2015 | Poliscope

Marijuana Businesses Access to Banking Act of 2015

1726

114th Congress

Finance and Financial Sector

In Committee

Legislative Progress

✓

Introduced

Committee

Floor Vote

Other Chamber

Enacted

Introduced

July 9, 2015

Latest Action

July 9, 2015

Primary Sponsor

Jeff MerkleyDemocratic(OR)

Momentum (last 30 days)

score

0 actions · 0 new cosponsors · 0 votes

Speed vs cohort

0pct

0d open

vs 3,548 other S bills in the 114th — cohort avg 43d

Summary

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. Treasury must ensure that the guidance is consistent with the Marijuana Businesses Access to Banking Act of 2015 and does not inhibit the provision of financial services to a marijuana-related legitimate business in a state or local government that allows the cultivation, production, manufacturing, transportation, display, dispensing, distribution, sale, or purchase of marijuana.

Lobbying filings that explicitly cite this bill (19)

These links require the bill number to appear in the filing's source-reported specific issue text. Client expenses and lobbying-firm income are separate disclosure fields.

Filing registrants (3)

INVARIANT LLC (6)JST STRATEGIES LLC (FORMERLY JOCHUM SHORE & TROSSEVIN PC) (6)NATIONAL CANNABIS INDUSTRY ASSOCIATION (7)

NATIONAL CANNABIS INDUSTRY ASSOCIATIONclient→INVARIANT LLC

2016 · fourth_quarter · Banking

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

Advocate on behalf of owners of state-legal cannabis businesses who are seeking reliable and secure banking services, including the Marijuana Businesses Access to Banking Act of 2015 (S.1726) and the the Marijuana Businesses Access to Banking Act of 2015 (H.R. 2076).

Client expense: Not reported · Firm income: $30,000