Growing Support for Marijuana Banking Among Community Banks
The TDR Three Key Takeaways regarding Community Banks and Marijuana Banking:
- Community banks advocate for legislative reform in marijuana banking.
- Polling by Morning Consult reveals wide support for marijuana banking.
- Economic and safety benefits drive community banks’ marijuana banking efforts.
As support for marijuana banking grows, community banks are calling for clearer regulatory guidelines. Key events like the recent gathering of community bankers in Washington, D.C., underline the sector’s dedication to this issue. The Independent Community Bankers of America (ICBA), led by President and CEO Rebeca Romero Rainey, highlights the substantial public backing for their policy initiatives, especially in providing banking services for marijuana-related businesses.
“As community bankers from across the nation meet in Washington this week for face-to-face discussions with their members of Congress, new ICBA polling shows that Americans nationwide endorse our stance on critical policy issues,” said ICBA President and CEO Rebeca Romero Rainey. Her statement emphasizes the widespread support across the United States, reflecting a national agreement on the need for legislative action.
Recent polling data by Morning Consult indicates that a majority of Americans understand the vital nature of these policy issues. They recognize the importance of maintaining access to local banking, particularly for industries like cannabis that encounter significant regulatory challenges. “Morning Consult’s polling shows that Americans grasp the significance of these issues in maintaining access to local banking. ICBA is proud to support community banks as they advocate in Washington and enhance the potential of local communities across the country,” added Romero Rainey.
According to Morning Consult’s polling date, 64% of Americans believe that the SAFER Banking Act, which would permit cannabis-related businesses to use banking services, could enhance public safety. Additionally, 54% think that allowing these businesses access to the banking system would benefit underserved communities.
The push for marijuana banking is not only about providing financial services to cannabis businesses but also about enhancing public safety and supporting underserved communities. The connection between secure banking and public safety is well-established, with evidence suggesting that proper financial channels can reduce cash-related crimes and improve overall community welfare. Furthermore, enabling banking for cannabis businesses is expected to stimulate economic development, especially in historically marginalized areas.
Senator Steve Daines expressed a similar view in an exclusive TDR interview last month: “This is about public safety… That’s why we have the support of numerous law enforcement agencies across the country to do the right thing, not to mention the potential for tax revenues from legally banking a business that is legal in many states.”
The ongoing discussions and legislative efforts in Washington signify a growing recognition of these benefits. Community banks, through their lobbying and advocacy, strive to introduce changes that not only support the marijuana sector but also enhance the safety and economic strength of the communities they serve. As these banks continue their advocacy, the support from the public and various stakeholders points to a positive future for marijuana banking. Want to keep up to date with all of TDR’s research and news, subscribe to our daily Baked In newsletter.
