Description:
The bill would Prevent the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) from taking action against banks or credit unions that serve cannabis-related businesses Prevent those regulators from limiting access to financial institutions by cannabis-related businesses Require the Financial Crimes Enforcement Network (FinCEN) and the Federal Financial Institutions Examination Council (FFIEC) to issue guidance for institutions that provide services to cannabis-related businesses Require reporting by financial regulators and the Government Accountability Office Impose or increase the cost of private-sector mandates on financial institutions and remove a private right of action against financial institutions Estimated budgetary effects would primarily stem from Increases in insurance premiums collected by the FDIC and in capital deposits collected by the NCUA Increases in losses from the FDIC’s Deposit Insurance Fund and from the NCUA’s Share Insurance Fund Areas of significant uncertainty include The terms of the guidance issued by FinCEN and FFIEC Responses of financial institutions and cannabis-related businesses Changes in reporting on existing insured deposits from cannabis-related businesses The amount of new insured deposits that would result from the bill’s enactment
