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1 1 (2019)

handle is hein.congrec/safebank0001 and id is 1 raw text is: j Congressional Budget Office Cost Estimate May 24, 2019 uy riscai Year, ImVions oT uoiars 2019 2019 2024 2019-2029 Direct Spending (Outlays) 0 -2 -3 Revenues 0 0 Deficit Effect -2 -1 -2 The bill would * Prevent the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) from taking action against banks or credit unions that serve cannabis-related businesses * Prevent those regulators from limiting access to financial institutions by cannabis-related businesses * Require the Financial Crimes Enforcement Network (FinCEN) and the Federal Financial Institutions Examination Council (FFIEC) to issue guidance for institutions that provide services to cannabis-related businesses * Require reporting by financial regulators and the Government Accountability Office * Impose or increase the cost of private-sector mandates on financial institutions and remove a private right of action against financial institutions Estimated budgetary effects would primarily stem from * Increases in insurance premiums collected by the FDIC and in capital deposits collected by the NCUA * Increases in losses from the FDIC's Deposit Insurance Fund and from the NCUA's Share Insurance Fund Areas of significant uncertainty include * The terms of the guidance issued by FinCEN and FFIEC * Responses of financial institutions and cannabis-related businesses * Changes in reporting on existing insured deposits from cannabis-related businesses * The amount of new insured deposits that would result from the bill's enactment Detailed estimate begins on the next page. See also CBO's Cost Estimates Explained, wwwcbo.gov/publicationi54437; How CBO Prepares Cost Estimates, www.cbo.gov/publication/53519; and Glossary, www.cbo~gov/publication/42904.

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