WASHINGTON–Text from, and amendments attached to, the National Defense Authorization Act (NDAA) have been released by the House, and it includes an amendment of interest to credit unions.
Included as an amendment to the NDAA is the SAFE Banking Act, which would eliminate federal prohibitions and allow credit unions and other financial institutions to serve cannabis-related businesses.
The legislation, a long-time priority for credit unions, was added by Rep. Ed Perlmutter (D-CO), who has been fighting for passage of the bill for several years. Perlmutter has announced he will not seek re-election later this year.
The SAFE Banking Act and similar legislation has consistently run into opposition in the Senate and many have predicted the only way it will be enacted would be as part of a larger, must-pass bill, such as the NDAA. If the language that remains is deleted from the Senate version of the bill, a compromise would need to be reached in a conference committee.
Other Issue of Concern
For credit unions, too, another issue of strong concern in the NDAA is whether in its final form it will include language giving banks equal access to military bases as enjoyed by credit unions.
Jason Stverak, deputy chief advocacy officer with CUNA, said the trade group will be working Capitol Hill this week in support of SAFE Banking Act amendment, while also monitoring the status of the military base access language.
Laying the ‘Groundwork’
Separately, Stverak said CUNA will also be working to “lay the groundwork” in Congress to include language from a bill that makes it easier for credit unions to expand into low income communities to be included as part of either standalone legislation or other must-pass legislation.
Both the House and the Senate are out of session this week.
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