SAFE Banking Act of 2026
Sponsored By: Senator Merkley, Jeff [D-OR]
Introduced
Summary
Protects banks and other financial firms that serve state‑sanctioned marijuana and hemp businesses. It would shield those institutions from certain supervisory penalties, liability, and many forfeiture actions when they follow state law, and require federal agencies to issue updated guidance and exam rules.
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Bill Overview
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Mortgage access for marijuana income
If enacted, lenders must treat income from state-legal marijuana businesses like other legal income for federally backed 1- to 4-unit mortgages. FHA, VA, USDA, Fannie Mae, and Freddie Mac would issue updated guidance within 180 days. Mortgage lenders, servicers, and agencies would not be held liable just for using that income when underwriting. The bill would also bar federal forfeiture of legal interests in loans or mortgage collateral solely because the loan involved state-legal marijuana income (collateral does not include marijuana products).
Banking rules extended to hemp businesses
If enacted, federal banking regulators would update hemp banking guidance within 90 days to clarify how banks serve hemp-related legitimate businesses, including payment processing and Bank Secrecy Act compliance. Most of the bill's protections for state-legal marijuana businesses and service providers would also apply to hemp businesses and hemp service providers, except for two specified sections that the bill excludes.
Guidance for banks serving marijuana businesses
If enacted, the FFIEC would issue uniform guidance and exam procedures within 180 days for banks that serve state-legal marijuana businesses. Banks could accept legacy cash received in the 90 days before opening an account if the business documents the cash source, the amount is reasonable for expected revenue, and reporting rules are followed. The Treasury must update or replace FinCEN's 2014 marijuana SAR guidance within 180 days so suspicious-activity reporting aligns with the bill while still giving FinCEN needed reports to fight illegal activity.
Definitions and money‑laundering protections
If enacted, the bill would add clear definitions for terms like 'depository institution', 'financial service', 'State‑sanctioned marijuana business', and 'hemp'. It would also state that proceeds from marijuana activity that fully comply with applicable State or Tribal law would not be treated as unlawful proceeds under certain federal money‑laundering statutes.
Protections for banks serving marijuana businesses
If enacted, federal law would bar federal liability solely for banks, insurers, and their officers or staff for providing services to state-legal marijuana businesses. The bill would not force any institution to serve these customers and preserves normal supervisory powers except that regulators cannot take action solely because an institution serves state-legal marijuana customers. Agencies could not request a bank to close a specific account unless they provide a written finding that the bank is unsafe, breaking law, or for valid national security reasons, and agencies must report such requests each year.
Sponsors & CoSponsors
Sponsor
Merkley, Jeff [D-OR]
OR • D
Cosponsors
Sen. Murkowski, Lisa [R-AK]
AK • R
Sponsored 6/24/2026
Sen. Warren, Elizabeth [D-MA]
MA • D
Sponsored 6/24/2026
Sen. Daines, Steve [R-MT]
MT • R
Sponsored 6/24/2026
Sen. Sullivan, Dan [R-AK]
AK • R
Sponsored 7/28/2026
Sen. Cortez Masto, Catherine [D-NV]
NV • D
Sponsored 7/28/2026
Sen. Cramer, Kevin [R-ND]
ND • R
Sponsored 7/28/2026
Sen. Murray, Patty [D-WA]
WA • D
Sponsored 7/28/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov