Lineage

Apr 20, 2021 Referred in Senate Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs See what changed
Apr 19, 2021viewing Engrossed in House See what changed
Mar 18, 2021 Introduced in House Mr. Perlmutter (for himself, Ms. Velázquez, Mr. Stivers, Mr. Davidson, Mr. Blumenauer, Ms. Lee of California, Mr. Joyce of Ohio, Mr. Correa, Mrs. Carolyn B. Maloney of New York, Mr. Meuser, Mr. Casten, Ms. Bonamici, Mrs. Lawrence, Mr. Lawson of Florida, Mr. Panetta, Ms. Matsui, Mr. Espaillat, Mr. Gaetz, Mr. Crist, Mrs. Watson Coleman, Mr. Foster, Mr. Vargas, Ms. Clarke of New York, Ms. Houlahan, Mr. Kilmer, Ms. Stevens, Ms. Norton, Mr. Hastings, Ms. Slotkin, Ms. Titus, Mr. Welch, Mr. Sherman, Ms. Brownley, Mr. Carbajal, Mr. Huffman, Mr. Neguse, Ms. Strickland, Ms. Wild, Mr. García of Illinois, Mr. DeFazio, Mr. Evans, Ms. Moore of Wisconsin, Ms. Clark of Massachusetts, Mr. Grijalva, Mr. Meeks, Ms. Dean, Mr. Tonko, Mr. Young, Ms. Schakowsky, Mr. Gallego, Ms. Blunt Rochester, Ms. Tlaib, Mr. Peters, Mrs. Trahan, Mrs. Dingell, Miss Rice of New York, Mr. Reschenthaler, Mr. David Scott of Georgia, Mr. Thompson of California, Ms. DeGette, Ms. Scanlon, Mr. Higgins of New York, Ms. Speier, Mrs. Axne, Mr. Vicente Gonzalez of Texas, Ms. Mace, Ms. McCollum, Mr. Lowenthal, Mr. McGovern, Ms. Pressley, Mr. Garamendi, Mr. Lieu, Mrs. Luria, Mr. Himes, Mr. Crow, Mr. Levin of Michigan, Ms. Williams of Georgia, Mr. Rodney Davis of Illinois, Mr. Auchincloss, Mr. Barr, Mrs. Hayes, Mr. Gibbs, Mr. McClintock, Mr. DeSaulnier, Mr. Courtney, Ms. Kuster, Mr. Morelle, Mr. Pascrell, Mr. Jones, Ms. Wexton, Mr. Beyer, Mr. Krishnamoorthi, Mr. Cicilline, Mr. Brendan F. Boyle of Pennsylvania, Ms. DelBene, Mr. Raskin, Mr. Quigley, Mr. Case, Mr. Kildee, Mr. Bera, Miss González-Colón, Mrs. Kirkpatrick, Mr. Cleaver, Ms. Lois Frankel of Florida, Mr. Stanton, Mr. Swalwell, Mr. Jeffries, and Mr. Yarmuth) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

H.R. 1996 — what changed

Secure And Fair Enforcement Banking Act of 2021

From Introduced in House to Engrossed in House. 2 sections amended and 1 added between Introduced in House and Engrossed in House.

Sec. 5 Rules of construction

(a)

changed No requirement To to provide financial services— Nothing in this Act shall require a depository institution, entity performing a financial service for or in association with a depository institution, or insurer to provide financial services to a cannabis-related legitimate business, service provider, or any other business.

(b)

General examination, supervisory, and enforcement authority— Nothing in this Act may be construed in any way as limiting or otherwise restricting the general examination, supervisory, and enforcement authority of the Federal banking regulators, provided that the basis for any supervisory or enforcement action is not the provision of financial services to a cannabis-related legitimate business or service provider.

(c)

Business of insurance— Nothing in this Act shall interfere with the regulation of the business of insurance in accordance with the Act of March 9, 1945 (59 Stat. 33, chapter 20; 15 U.S.C. 1011 et seq.) (commonly known as the “McCarran-Ferguson Act”) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.).

Sec. 12 Banking services for hemp-related legitimate businesses and hemp-related service providers

(a)

Findings— The Congress finds that—

(1)

the Agriculture Improvement Act of 2018 (Public Law 115–334) legalized hemp by removing it from the definition of “marihuana” under the Controlled Substances Act;

(2)

despite the legalization of hemp, some hemp businesses (including producers, manufacturers, and retailers) continue to have difficulty gaining access to banking products and services; and

(3)

businesses involved in the sale of hemp-derived CBD products are particularly affected, due to confusion about the legal status of such products.

(b)

Federal banking regulators’ hemp banking guidance— Not later than the end of the 90-day period beginning on the date of enactment of this Act, the Federal banking regulators shall update their existing guidance, as applicable, regarding the provision of financial services to hemp-related legitimate businesses and hemp-related service providers to address—

(1)

changed compliance with financial institutions’ existing obligations under Federal laws and implementing regulations determined relevant by the Federal banking regulators, including subchapter II of chapter 53 of title 31, United States Code, and its implementing regulation in conformity with this Act and the Department of Agriculture’s rules regulating domestic hemp production (7 ~~C.F.R.~~ CFR 990); and

(2)

best practices for financial institutions to follow when providing financial services, including processing payments, to hemp-related legitimate businesses and hemp-related service providers.

(c)

Definitions— In this section:

(1)

Financial institution— The term financial institution—

(A)

has the meaning given that term under section 5312(a) of title 31, United States Code; and

(B)

includes a bank holding company, as defined under section 2(a) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(a)).

(2)

Hemp terms— The terms CBD, hemp, hemp-related legitimate business, and hemp-related service provider have the meaning given those terms, respectively, under section 11.

Sec. 15 Discretionary surplus funds

added

added Section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 289(a)(3)(A)) is amended by reducing the dollar figure by $6,000,000.

H.R. 1996 — what changed

Sec. 5 Rules of construction

Sec. 12 Banking services for hemp-related legitimate businesses and hemp-related service providers

Sec. 15 Discretionary surplus funds

Cite this provision

Incoming references