H.R. 9471: Secure And Fair Enforcement Banking Act of 2026

This bill would change how banks, credit unions, insurers, and similar financial institutions can work with businesses that operate legally under state law in the marijuana and hemp industries.

Financial services protections

The bill would protect covered financial institutions from federal penalties for providing services to state-legal marijuana and hemp businesses. It would also make clear that money earned from these businesses can be treated as lawful income when a person applies for a mortgage.

In addition, the bill would set rules for federal oversight of these institutions, including:

• guidance on suspicious activity reports (SARs) related to marijuana and hemp businesses,
• uniform examination standards for regulators, and
• limits on when regulators can order an institution to close or stop accounts, generally restricting such orders to safety concerns, legal violations, or national-security reasons.

Reporting and studies

The bill would require annual reports on banking access for marijuana and hemp businesses. It would also direct the Government Accountability Office to study barriers these businesses face in getting financial services, as well as how suspicious-transaction reporting is being used.

Coverage for hemp businesses

Many of the bill’s protections would also apply to hemp businesses. However, the bill would not force any bank, credit union, insurer, or other institution to provide services to these businesses. It would also not limit the ability of regulators or law enforcement to investigate or take action where appropriate.

Relevant Companies

• JPM - JPMorgan Chase could be affected because large banks may have more clarity and less federal risk in serving state-legal marijuana and hemp businesses.
• BAC - Bank of America could be impacted for the same reason, as it may be able to expand or reconsider banking services for these industries.
• WFC - Wells Fargo may see effects from changes in compliance rules and potential new opportunities to serve these businesses.
• C - Citigroup could be directly affected by changes to federal banking protections and reporting requirements for marijuana and hemp-related accounts.
• USB - U.S. Bancorp may be affected because regional and national banks could face different risks and opportunities under the bill.
• COF - Capital One could be impacted by revised rules governing account services, mortgage underwriting, and compliance for these businesses.
• PGR - Progressive, as an insurer, could be affected by protections covering insurance services to state-legal marijuana and hemp businesses.
• TRV - Travelers could be impacted if insurers receive clearer federal protections when serving these businesses.