SAFE Banking Act of 2023

This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. It also includes language that bars banks from terminating accounts if the reason is solely based on reputation risk.

Latest Action: Introduced on April 26, 2023
Deadline: January 7, 2024

Bill Status
Introduced
Passed First Committee
Passed First Chamber
Passed Both Committees
Passed Both Chambers
Signed
Enacted
More Info
Read the Bill: US SB 1323 US HR 2891
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North Carolina SB 369 / HB 888

Prohibits banks from denying any person that is engaged in a lawful activity a financial product or service based on a personal, ideological, moral, or political opinion.

Latest Action: Introduced on March 26, 2023
Deadline: June 30, 2024

Bill Status

Introduced

Passed First Committee

Passed First Chamber

Passed Both Committees

Passed Both Chambers

Signed

Enacted

More Info

Read the Bill: NC SB 369 NC HB 888
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Maine LD 1546

Prohibits banks from denying any person a financial service the financial institution offers except to the extent justified by such person’s documented failure to meet quantitative, impartial risk-based financial standards established in advance by the financial institution.

Latest Action: Failed on May 17, 2023
Deadline: June 21, 2023

Bill Status

Introduced

Passed First Committee

Passed First Chamber

Passed Both Committees

Passed Both Chambers

Signed

Enacted

More Info

Read the Bill: ME LD 1546
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Pennsylvania HB 334

Prohibits banks from denying any person a financial service the financial institution offers except to the extent justified by such person’s documented failure to meet quantitative, impartial risk-based financial standards established in advance by the financial institution.

Latest Action: Referred to Committee on March 13, 2023
Deadline: November 30, 2024

Bill Status

Introduced

Passed First Committee

Passed First Chamber

Passed Both Committees

Passed Both Chambers

Signed

Enacted

More Info

Read the Bill: PA HB 334
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West Virginia SB 637

Prohibits banks from denying any person a financial service the financial institution offers except to the extent justified by such person’s documented failure to meet quantitative, impartial risk-based financial standards established in advance by the financial institution.

Latest Action: Failed to pass before end of legislative session on March 11, 2023
Deadline: March 11, 2023

Bill Status

Introduced

Passed First Committee

Passed First Chamber

Passed Both Committees

Passed Both Chambers

Signed

Enacted

More Info

Read the Bill: WV SB 637
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Federal Fair Access to Banking Act (2023)

The bill aims to ensure fair access to financial services and fair treatment of customers by financial service providers. Specifically, to ensure that persons involved in politically unpopular businesses but that are lawful under Federal law receive fair access to financial services under the law and ensure banks operate in a safe and sound manner by making judgments and decisions about whether to provide a customer with financial services on an impartial, individualized risk-based analysis using empirical data evaluated under quantifiable standards.

Financial service providers impacted by the law would include: banks, credit unions, and payment card providers. 

Latest Action: Introduced on February 7, 2023
Deadline: January 7, 2025

Bill Status

Introduced

Passed First Committee

Passed First Chamber

Passed Both Committees

Passed Both Chambers

Signed

Enacted

More Info

Read the Bill: US S 293 US HR 2743
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Tennessee SB 1091 / HB 728

This bill enacts the "Tennessee Fair Access to Financial Services Act," which requires a financial institution to do the following in order to provide fair access to financial services:

(1) Make each financial service it offers available to each person in the geographic market served by the financial institution on a non-discriminatory basis;

(2) Approve or deny a person a financial service that the financial institution offers solely based on the quantitative impartial risk-based financial standards established in advance by the financial institution;

(3) Not deny a person a financial service that the financial institution offers, except as provided in (2) above, when the effect of the denial is to prevent, limit, or otherwise disadvantage the person from entering or competing in a market or business segment; or in such a way that benefits another person or business activity in which the financial institution has a financial interest; and

(4) Not deny, in coordination with others, except as provided in (2) above, a person a financial service that the financial institution offers.

In order to provide financial services in this state, a financial institution that utilizes standards or guidelines based on non-financial, non-traditional, or subjective criteria, such as environmental, social, and governance scores or diversity, equity, and inclusion policies, would be required to do the following under this bill:

(1) Disclose to the department of financial institutions the specific standards, guidelines, and criteria used by the financial institution to determine access or denial of a financial service to a person in this state;

(2) Provide to a person denied a financial service a disclosure with the specific data, information, criteria, and standard used to support the denial, in bold fourteen-point font; and

(3) Comply with rules promulgated by the department.

This bill requires the commissioner of financial institutions to enforce this bill and to promulgate rules to effectuate this bill. This bill provides that a financial institution that violates this bill is subject to a fine of $10,000. Additionally, this bill makes it a Class A misdemeanor for a financial institution to commit five or more violations within a 12-month period from the date of the first violation.

Latest Action: Failed in committee on March 14, 2023
Deadline: May 6, 2023

Bill Status

Introduced

Passed First Committee

Passed First Chamber

Passed Both Committees

Passed Both Chambers

Signed

Enacted

More Info

Read the Bill: TN SB 1091 TN HB 728
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Nebraska LB 730

Prohibits banks from denying any person a financial service the financial institution offers except to the extent justified by such person’s documented failure to meet quantitative, impartial risk-based financial standards established in advance by the financial institution.

Latest Action: Committee hearing (didn't go very well) on February 13, 2023
Deadline: April 18, 2023

Bill Status

Introduced

Passed First Committee

Passed First Chamber

Passed Both Committees

Passed Both Chambers

Signed

Enacted

More Info

Read the Bill: NE LB 730
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Oklahoma SB 672 / HB 2544

Prohibits banks from denying any person a financial service the financial institution offers except to the extent justified by such person’s documented failure to meet quantitative, impartial risk-based financial standards established in advance by the financial institution.

Latest Action: Referred to Banking, Financial Services and Pensions committee on February 6, 2023
Deadline: May 26, 2023

Bill Status

Introduced

Passed First Committee

Passed First Chamber

Passed Both Committees

Passed Both Chambers

Signed

Enacted

More Info

Read the Bill: OK SB 672 OK HB 2544
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Arkansas HB 1049

Prohibits banks from denying any person a financial service the financial institution offers except to the extent justified by such person’s documented failure to meet quantitative, impartial risk-based financial standards established in advance by the financial institution.

Latest Action: Failed on April 30, 2023
Deadline: April 30, 2023

Bill Status

Introduced

Passed First Committee

Passed First Chamber

Passed Both Committees

Passed Both Chambers

Signed

Enacted

More Info

Read the Bill: AR HB 1049
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