The Senate Banking Subcommittee on Financial Institutions and Consumer Protection will hold a hearing this week examining fair access to banking and financial services, with the former leader of Nevada’s Cannabis Compliance Board set to testify.
The panel is scheduled to hold a hearing Tuesday examining barriers to fair access to financial services, an issue that has long affected marijuana companies despite widespread legalization at the state level. While the hearing’s agenda does not explicitly reference marijuana, the witness lineup signals that the issue is squarely in focus.
Among those set to testify is Tyler Klimas, a former senior marijuana regulator who previously led Nevada’s Cannabis Compliance Board during the early years of the state’s regulated market. Klimas later transitioned into the private sector and now runs the consulting firm Leaf Street Strategies. He will appear before the subcommittee as the Democratic minority’s witness.
The hearing comes as much of the marijuana industry remains focused on President Donald Trump and an expected decision on federal rescheduling. Even if marijuana is moved out of Schedule I, however, banking challenges would not automatically disappear, leaving Congress with unresolved questions about how financial institutions interact with state-legal markets.
Most banks and credit unions continue to avoid marijuana clients because the drug remains illegal under federal law, creating compliance risks and potential exposure to enforcement actions. Although a limited number of financial institutions have entered the space, many businesses still operate with restricted access to loans, payment processing, and basic financial services. Because of the this, the cannabis community has been patiently awaiting the refiling of the SAFE or SAFER Banking Act, which would allow banks nationwide to provide financial services to state-legal cannabis businesses.
Earlier this year. Rep. David Joyce (R-OH) told The Marijuana Herald he remains committed to SAFE and plans to refile the proposal, but he has yet to do so as of the time of publication.