President Trump Potential Executive Order on Cannabis Could Reopen Banking Access Debate

12/18/25

President Trump is expected to soon sign an executive order directing federal agencies to begin the process of reclassifying marijuana under the federal Controlled Substances Act. While the order would not legalize marijuana at the federal level, it could move the drug from its current Schedule I classification-the most restrictive category-to Schedule III, which recognizes accepted medical use and a lower potential for abuse. For Ohio bankers, the most important question is not marijuana policy itself, but whether this action will finally address the long-standing barriers that prevent banks from serving marijuana-related businesses operating legally under state law.

Today, marijuana's Schedule I status creates significant uncertainty for financial institutions. Despite legalization at the state level, banks that provide accounts, lending, or payment services to marijuana-related businesses face heightened Bank Secrecy Act (BSA), anti-money laundering (AML), and examiner risk, along with potential federal enforcement concerns. As a result, many otherwise legitimate businesses remain cash-intensive, increasing risks related to fraud, theft, and public safety. Reclassification to Schedule III could signal a meaningful shift in federal posture-but on its own, it does not automatically fix the banking problem. Marijuana would remain illegal under federal law, and without changes to regulatory expectations, banks could still face uncertainty during examinations and supervisory reviews.

If the executive order is signed, it will be critical for federal banking regulators-including the FDIC, OCC, Federal Reserve, and FinCEN-to act quickly. Existing BSA/AML guidance was written for a world in which marijuana was treated as a Schedule I substance. That framework no longer makes sense if federal policy is moving in a different direction. Once the executive order is signed, the Ohio Bankers League will call on federal banking regulators to immediately update BSA/AML regulations and supervisory guidance to clearly permit banks to serve state-legal marijuana-related businesses. Without updated guidance, banks will continue to face examiner uncertainty even if federal drug policy evolves.

While regulatory action would be a meaningful step forward, long-term certainty still requires congressional action. The SAFE Banking Act would provide an explicit banking safe harbor, which remains the clearest path to ensuring that banks can serve these businesses without fear of regulatory or enforcement consequences.

Bottom Line for Ohio Bankers

• The executive order could reduce federal friction-but it is not a complete solution.
• Regulatory agencies must follow quickly with updated BSA/AML guidance.
• OBL will continue advocating for both regulatory clarity and legislative certainty so banks can safely serve their communities and reduce cash-based risks.