Oregon Gov. Signs Cannabis Bank Protection Bill
April 7th, 2016
Oregon banks working with the cannabis industry have some new protections after Gov. Kate Brown signed House Bill 4094 into law April 4, which removes criminal liability for banks in reference to any Oregon state statutes regarding working with legal cannabis businesses.
The law also calls for a study from the Department of Consumer and Business Services to evaluate and report on financial options for legal cannabis businesses by January 2017. The law can’t do anything to protect banks against federal rules.
The bill itself probably won’t have much effect, says Vincent Sliwoski, a Portland lawyer specializing in cannabis.
“I think it’s mostly symbolic just because bank regulation is generally a creature of federal law,” he says. “Despite the fact that states say things like, ‘We’re not going to have our Department of Justice prosecute a bank for servicing a cannabis account,’ it doesn’t do much to help get around the strictures of federal regulation.”
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