SAFER Banking Act 2026 Status: Cleared Senate Committee, Heads to Floor Vote

Committee Vote Breaks Multi-Year Stalemate

The Senate Banking Committee approved the SAFER Banking Act by a 14-10 vote on May 15, 2026, sending the measure to the full Senate calendar. The markup session followed months of behind-the-scenes negotiations between Banking Committee Chair Sherrod Brown (D-OH) and ranking member Tim Scott (R-SC) over anti-money-laundering provisions and small-business carve-outs.

The bill had stalled in committee since December 2024, when leadership postponed consideration pending resolution of disputes over whether to include provisions addressing hemp-derived intoxicants and synthetic cannabinoids. Those provisions were ultimately stripped in a manager's amendment adopted during the markup.

What the Bill Does

SAFER Banking would amend the Bank Secrecy Act and related federal statutes to create a safe harbor for depository institutions serving cannabis businesses operating in compliance with state law. Specifically, it prohibits federal banking regulators from penalizing or discouraging financial institutions solely because a customer is a cannabis-related legitimate business.

The measure also clarifies that proceeds from state-legal cannabis sales don't constitute proceeds from unlawful activity under 18 U.S.C. § 1956 (money laundering) or § 1957 (monetary transactions in property derived from specified unlawful activity). Institutions would still be required to file suspicious activity reports (SARs) under existing FinCEN guidance.

Industry Faces $1.8 Billion Annual Cash-Handling Cost

Cannabis operators currently spend an estimated $1.8 billion per year on armored transport, cash vaults, and security personnel due to limited banking access, according to a 2025 analysis by the American Bankers Association. Roughly 72% of state-licensed dispensaries and cultivators operate without traditional checking accounts. That forces reliance on cash transactions that increase robbery risk and complicate tax compliance.

Multi-state operators have cited banking restrictions as a material operational risk in SEC filings. Curaleaf Holdings disclosed in its Q1 2026 10-Q that it maintains accounts with only two FDIC-insured institutions, both of which charge monthly fees exceeding $25,000 per account.

Floor Vote Timeline Uncertain

Senate Majority Leader Chuck Schumer (D-NY) hasn't yet committed to scheduling a floor vote, and the bill faces potential filibuster challenges requiring 60 votes to advance. Republican co-sponsors include Sens. Steve Daines (R-MT), Cynthia Lummis (R-WY), and Dan Sullivan (R-AK), but party leadership hasn't endorsed the measure.

For full background on this story, see the CannIntel topic hub on the SAFER Banking Act.

The next procedural signal: whether Schumer files cloture within the next 30 legislative days. Without floor time before the August recess, the bill risks getting buried in fall appropriations fights.