Pub. 14 2019-2020 Issue 1

NEBRASKA BANKERS ASSOCIATION 13 For more information on the ideas and resources mentioned here, visit aba.com/Diversity. Contact Rob Nichols at rnichols@aba.com . These facts likely explain why an overwhelming majority of the banks — 99% in our survey —want Congress to resolve the conflict between state and federal law. The good news is that legislation is moving. The House Financial Services Committee held its first-ever hearing on this topic earlier this year and soon after passed the ABA-backed Secure and Fair Enforcement Banking Act (SAFE) — an important step toward providing regulatory and legal clarity — with a strong, bipartisan 45-15 vote. A House floor vote could happen in the coming weeks. The SAFE Act specifies that proceeds from cannabis- related legitimate businesses would not be considered un- lawful under federal money laundering rules or other laws, and it would direct regulators to issue guidance and exam procedures for banks that serve cannabis-related legitimate businesses. Similar legislation has been introduced in the Senate. While the path forward in that chamber will take more work, we are hopeful that a bill can pass there as well. To be clear, ABA is not taking a position on the legalization of marijuana. But we believe that allowing cannabis businesses access to the regulated banking system in states where they have been legalized would make them safer, bring more transparency and accountability to the industry and better protect communi- ties. These are worthy goals. Successful enactment of cannabis banking legislation this year would serve another worthy goal: Demonstrating that bipartisan solutions to societal problems are still within reach, even with a divided Congress. Our experience with S. 2155, last year’s landmark regulatory reform law, proved that Washington can work and that banking is bipartisan. We look forward to replicating that success this year on this important policy issue and others.  Courtney Calderwood ccalderwood@bhg-inc.com 315.329.2994 Increase your revenue seamlessly with high–quality professional loans. No hassle of originations Complete credit profile Convenient online purchasing