AFSA Supports SAFER Banking Bill
A bipartisan group of Senators led by Jeff Merkley (D-OR), Steve Daines (R-MT), Kyrsten Sinema (I-AZ), and Cynthia Lummis (R-WY) announced the introduction of a new cannabis-related banking bill today, the Secure and Fair Enforcement Regulation Banking Act (SAFER) Banking Act. This bill includes language to end Operation Choke Point by prohibiting a federal regulator from ordering a bank to terminate a banking relationship with a legal business unless there is a valid reason not based solely on reputational risk.
AFSA wrote a letter of support for the SAFER Banking Act to the Senate Banking Committee. AFSA thanks the Senators for their support to help pass the SAFER Banking Act and end federal initiatives that jeopardize legitimate bank customers, like traditional installment lenders, which have provided safe and affordable small-dollar credit to consumers in their communities for over a century.
The Senate Banking Committee is tentatively scheduled to debate and consider the SAFER Banking Act on Wednesday, September 27.
September 20th, 2023
