S.Amdt. 3393

SA 3393. Mr. MERKLEY (for himself, Mr. Paul, Mr. Reid, Mr. Bennet,
Mr. Wyden, Mrs. Murray, and Ms. Warren) submitted an amendment intended
to be proposed by him to the bill S. 524, to authorize the Attorney
General to award grants to address the national epidemics of
prescription opioid abuse and heroin use; which was ordered to lie on
the table; as follows:

At the appropriate place, insert the following:

TITLE __--MARIJUANA BUSINESSES ACCESS TO BANKING

SEC. _01. SHORT TITLE.

This title may be cited as the ``Marijuana Businesses
Access to Banking Act of 2016''.

SEC. _02. SAFE HARBOR FOR DEPOSITORY INSTITUTIONS.

A Federal banking regulator may not--
(1) terminate or limit the deposit insurance or share
insurance of a depository institution under the Federal
Deposit Insurance Act (12 U.S.C. 1811 et seq.) or the Federal
Credit Union Act (12 U.S.C. 1751 et seq.) solely because the
depository institution provides or has provided financial
services to a marijuana-related legitimate business;
(2) prohibit, penalize, or otherwise discourage a
depository institution from providing financial services to a
marijuana-related legitimate business;
(3) recommend, incentivize, or encourage a depository
institution not to offer financial services to an individual,
or to downgrade or cancel the financial services offered to
an individual solely because--
(A) the individual is a manufacturer or producer, or is the
owner or operator of a marijuana-related legitimate business;
(B) the individual later becomes an owner or operator of a
marijuana-related legitimate business; or
(C) the depository institution was not aware that the
individual is the owner or operator of a marijuana-related
legitimate business; and
(4) take any adverse or corrective supervisory action on a
loan to an owner or operator of--
(A) a marijuana-related legitimate business solely because
the business owner or operator is a marijuana-related
business; or
(B) real estate or equipment that is leased to a marijuana-
related legitimate business solely because the owner or
operator of the real estate or equipment leased the equipment
or real estate to a marijuana-related legitimate business.

SEC. _03. PROTECTIONS UNDER FEDERAL LAW.

(a) In General.--In a State or political subdivision that
allows the cultivation, production, manufacturing,
transportation, display, dispensing, distribution, sale, or
purchase of marijuana pursuant to a law (including
regulations) of the State or political subdivision, a
depository institution and the officers, director, and
employees of the depository institution that provides
financial services to a marijuana-related legitimate business
may not be held liable pursuant to any Federal law (including
regulations)--
(1) solely for providing the financial services pursuant to
the law (including regulations) of the State or political
subdivision; or
(2) for further investing any income derived from the
financial services.
(b) Forfeiture.--A depository institution that has a legal
interest in the collateral for a loan made to an owner or
operator of a marijuana-related legitimate business, or to an
owner or operator of real estate or equipment that is leased
to a marijuana-related legitimate business, shall not be
subject to criminal, civil, or administrative forfeiture of
that legal interest pursuant to any Federal law for providing
the loan.

SEC. _04. RULE OF CONSTRUCTION.

Nothing in this title shall require a depository
institution to provide financial services to a marijuana-
related legitimate business.

SEC. _05. REQUIREMENTS FOR FILING SUSPICIOUS ACTIVITY
REPORTS.

Section 5318(g) of title 31, United States Code, is amended
by adding at the end the following:
``(5) Requirements for marijuana-related businesses.--A
financial institution or any director, officer, employee, or
agent of a financial institution that reports a suspicious
transaction pursuant to a marijuana-related legitimate
business (as defined in section 6 of the Marijuana Businesses
Access to Banking Act of 2016) shall comply with appropriate
guidance issued by the Financial Crimes Enforcement Network.
The Secretary shall ensure that the guidance is consistent
with the purpose and intent of the Marijuana Businesses
Access to Banking Act of 2016 and does not inhibit the
provision of financial services to a marijuana-related
legitimate business in a State or political subdivision of a
State that has allowed the cultivation, production,
manufacturing, transportation, display, dispensing,
distribution, sale, or purchase of marijuana pursuant to law
or regulation of the State or political subdivision.''.

SEC. _06. DEFINITIONS.

In this title:
(1) Depository institution.--The term ``depository
institution'' means--
(A) a depository institution as defined in section 3(c) of
the Federal Deposit Insurance Act (12 U.S.C. 1813(c));
(B) a Federal credit union as defined in section 101 of the
Federal Credit Union Act (12 U.S.C. 1752); or
(C) a State credit union as defined in section 101 of the
Federal Credit Union Act (12 U.S.C. 1752).
(2) Federal banking regulator.--The term ``Federal banking
regulator'' means each of the Board of Governors of the
Federal Reserve System, the Bureau of Consumer Financial
Protection, the Federal Deposit Insurance Corporation, the
Office of the Comptroller of the Currency, the National
Credit Union Administration, or any Federal agency or
department that regulates banking or financial services, as
determined by the Secretary of the Treasury.
(3) Financial service.--The term ``financial service''
means a financial product or service as defined in section
1002 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 5481).
(4) Manufacturer.--The term ``manufacturer'' means a person
who manufactures, compounds, converts, processes, prepares,
or packages marijuana or marijuana products.
(5) Marijuana-related legitimate business.--The term
``marijuana-related legitimate business'' means a
manufacturer, producer, or any person that--
(A) participates in any business or organized activity that
involves handling marijuana or marijuana products, including
cultivating, producing, manufacturing, selling, transporting,
displaying, dispensing, distributing, or purchasing marijuana
or marijuana products; and
(B) engages in such activity pursuant to a law established
by a State or a political subdivision of a State.
(6) Marijuana.--The term ``marijuana'' has the meaning
given the term ``marihuana'' in section 102 of the Controlled
Substances Act (21 U.S.C. 802).
(7) Marijuana product.--The term ``marijuana product''
means any article which contains marijuana, including an
article which is a concentrate, an edible, a tincture, a
marijuana-infused product, or a topical.
(8) Producer.--The term ``producer'' means a person who
plants, cultivates, harvests, or in any way facilitates the
natural growth of marijuana.
(9) State.--The term ``State'' means each of the several
States, the District of Columbia, Puerto Rico, and any
territory or possession of the United States.
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