Banks can now serve legal pot businesses without federal penalty
H.R. 9471 — SAFE Banking Act of 2026 · Filed by David Joyce (R-OH) · 9 cosponsors · Introduced Jun 25, 2026 · Referred to committee
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What it does
This bill allows banks and financial institutions to serve state-legal marijuana and hemp businesses without federal regulatory penalties. It creates a 'safe harbor' protecting banks from being shut down, penalized, or discouraged by federal regulators simply for banking marijuana businesses that comply with state law. It also allows mortgage lenders to count marijuana business income when qualifying borrowers for home loans, and requires federal banking agencies to issue clear guidance on serving these businesses.
Why we flagged it
The bill's core function is to remove federal regulatory barriers preventing banks from serving state-legal marijuana and hemp businesses. It is fundamentally a deregulation measure that aligns federal banking law with state legalization, not a tax provision, subsidy, or commemorative act.
What the text implies
- Banks may face reduced compliance burden for marijuana-related suspicious activity reporting, potentially weakening federal anti-money-laundering oversight if guidance is not carefully calibrated.
- Mortgage lenders accepting marijuana business income as qualifying income may increase exposure to borrowers whose income depends on a federally illegal activity, creating potential liability conflicts if federal enforcement priorities shift.
The full analysis lists 4 implications of this text.
Who stands to gain
depository institutions (banks and credit unions); mortgage lenders and servicers; federal reserve banks and federal home loan banks