WASHINGTON–The Secure and Fair Enforcement (SAFE) Banking Act has been reintroduced in Congress. The legislation, which would provide protections for financial institutions serving cannabis-based businesses where it is legal, was also submitted in the prior Congress and passed in the House before dying in the Senate.
The bill was introduced by co-sponsors Reps. Ed Perlmutter (D-CO), Steve Stivers (R-OH), Nydia Velázquez (D-NY) and Warren Davidson (R-OH). The bill also provides protection to credit unions and their employees who are not aware if their members are involved in such businesses.
“This legislation will allow credit unions to help these state-legalized businesses that are currently forced to deal exclusively in cash access the mainstream financial system, enhancing the safety of these businesses and the communities they serve,” said CUNA President/CEO Jim Nussle. “Thanks to Reps. Perlmutter, Stivers, Velázquez, and Davidson for reintroducing this important bill.”
CUNA noted it does not take a stance on cannabis legalization but has long supported the SAFE Banking Act on behalf of America’s credit unions seeking to accept deposits from, extend credit to, or provide payment services for an individual or business engaged in legal marijuana-related commerce.