New Banks Get Same Protection Under Proposed Pot Bill Amendment (1)

New financial institutions that want to do business with the cannabis industry would get the same protections as existing banks or credit unions under an amendment Rep. Katie Porter (D-Calif.) plans to propose to the SAFE Banking Act.

Porter plans to introduce the amendment to H.R. 1595 as soon as March 26 when the House Financial Services Committee begins a multi-day markup of a package of bills.

The amendment clarifies that federal regulators can’t deny a “de novo” financial institution application for services like a charter, deposit insurance, membership in the Federal Reserve System or a Fed master account, or ...