Summary of H.R. 2215 - Secure And Fair Enforcement Banking Act of 2017
This bill aims to protect depository institutions (banks and credit unions) that provide financial services to businesses related to cannabis. It prevents federal banking regulators from penalizing these institutions solely for serving cannabis-related legitimate businesses. The bill also provides protections for officers, directors, and employees of these institutions from liability under federal law.
The bill defines terms such as depository institutions, cannabis-related legitimate businesses, cannabis products, and producers. It also includes provisions for reporting suspicious activities related to cannabis businesses.