NAR Support Letter for the SAFER Banking Act

Issue Date: September 26, 2023


US S 1323 - SAFE Banking Act of 2023

On September 27, 2023 the Senate Banking Committee held a markup hearing of the SAFER Banking Act (S.2860).  NAR sent a letter of support for the bill, which would create a safe harbor for financial institutions in states that have legalized cannabis to accept funds from cannabis-derived income.  Real estate is an industry that is impacted by the current prohibition against banking with such funds - property managers and REALTORS who work with clients that are seeking real estate to support cannabis-related businesses are included.  This bill improves upon previous versions by including Community Development Financial Institutions (CDFIs) and Minority Deposit Institutions (MDIs) in the safe harbor and also expands the regulatory compliance requirements to protect against fraud.