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
