ICBA backs cannabis-banking safe harbor News ICBA recently testified before members of Congress in support of a safe harbor for banks that serve cannabis-related businesses in states where cannabis is legal. Gregory Deckard, the chairman, president and CEO of State Bank Northwest of Spokane, Wash., spoke before the House Subcommittee on Consumer Protection and Financial Institutions. He expressed ICBA's backing of the bipartisan Secure and Fair Enforcement Banking Act, known as the SAFE Banking Act. The proposed legislation would prohibit federal regulators and prosecutors from penalizing financial institutions for banking cannabis-related businesses in states where marijuana has been legalized for medical or recreational purposes. Marijuana remains illegal at the federal level. " The current conflict between state and federal law has created a cloud of legal uncertainty for community banks, inhibited access to the banking system for cannabis-related businesses and created a serious public safety concern, " Deckard testified in February. Later that month, Federal Reserve chairman Jerome Powell testified before the Senate Banking Committee that " it would be great to have clarity " from Congress on how banks can serve these businesses. Banker's Hours By Trevor Spaulding While results this quarter were positive, the extended period of low interest rates and an increasingly competitive lending environment continue to lead some institutions to 'reach for yield.' " -FDIC chairman Jelena McWilliams on Q4 performance results of FDIC-insured institutions " I need to get into my safe deposit box. " independentbanker.org Q 11 Notable Quote Alex Wong / Getty Imageshttp://www.independentbanker.org