Financial services congressional committee hearings kicked off this week on several topics. The first meeting was in r egards to banking cannabis-related businesses where a n ICBA community banker from the state of Washington testified at the House’s subcommittee hearing. ICBA supports a safe harbor from federal sanctions for financial institutions that serve cannabis-related businesses in states where cannabis is legal. ICBA – which does not advocate the legalization of cannabis – supports the policy to enhance public safety and address regulatory compliance concerns by opening the traditional banking system to cannabis-related businesses. The policy was introduced in the last Congress under the Secure and Fair Enforcement (SAFE) Banking Act.
Next, the House Financial Services Committee also had hearings this week on U.S. sanctions, homelessness, and affordable housing in rural America. The Senate Banking Committee is set to meet this Thursday for a hearing on Mark Calabria’s nomination for director of the Federal Housing Finance Agency.