SAFER Banking Act Progress: Why Cannabis Still Can't Get a Bank Account in 2026

Still Stalled: The SAFER Banking Act in 2026

As of May 2026, the SAFER Banking Act remains stalled in Congress and has not been enacted into law. Despite advancing through the Senate Banking Committee with bipartisan support in September 2023, the legislation has never received a vote on the Senate floor.

Why It Matters

Without explicit safe harbor legislation, major financial institutions remain wary of serving cannabis-related businesses. The result:

• Many dispensaries operate as cash-only businesses, creating safety risks and operational inefficiencies.
• Cannabis companies face limited access to merchant services, payment processing, and traditional lending.
• The industry relies on alternative payment systems, such as ACH rails, which are seeing increased adoption as workarounds.

The Rescheduling Disconnect

While the partial federal rescheduling of cannabis in April 2026 generated optimism, experts emphasize that rescheduling affects drug classification—not banking permissibility. Without explicit legislation like the SAFER Banking Act, the fundamental banking problem remains unsolved.

Industry Alternatives

In the absence of federal legislation, the cannabis industry has developed several workarounds:

• Credit union partnerships: Some state-chartered credit unions have stepped in to serve cannabis businesses under state-specific programs.
• Fintech solutions: Companies like PaySign and CanPay are offering compliant digital payment options.
• Cashless ATM alternatives: PIN-debit solutions that process transactions as debit purchases rather than ATM withdrawals.

What's Next

Congressional leadership has not prioritized the bill for a floor vote, and expectations for passage in the current session remain muted. The industry's best hope may lie in a broader cannabis reform package that combines banking protections with rescheduling provisions, but such a deal remains politically complex.