WASHINGTON–The Secure and Fair Enforcement (SAFE) Banking Act, which provides a number of protections for financial institutions serving cannabis businesses in states where marijuana has been legalized in some form, has been reintroduced in the Senate.
The legislation has the backing of credit unions, as it did in the prior Congress when it passed the House but died in the Senate.
“Thanks to this bipartisan group of Senators for reaching across the aisle to introduce this bill that addresses an important public safety issue that comes with legal businesses that currently must operate on a cash-only basis,” said CUNA President/CEO Jim Nussle. “With both chambers introducing this bill in a bipartisan fashion, it’s clear Congress views this as an important priority, and CUNA, leagues, and credit unions will continue their engagement to get it across the finish line.”
The Co-Sponsors
The legislation has as its co-sponsors a bipartisan group that includes Sens. Jeff Merkley (D-OR), Steve Daines (R-MT), Kyrsten Sinema (D-AZ), Ed Markey (D-MA), Alex Padilla (D-CA), Patrick Leahy (D-VT), Ron Wyden (D-OR), Mazie Hirono (D-HI), Angus King (I-ME), Catherine Cortez Masto (D-NV), Michael Bennet (D-CO), Bob Menendez (D-NJ), Jon Tester (D-MT), Jacky Rosen (D-NV), Kevin Cramer (R-ND), Dan Sullivan (R-AK), Kirsten Gillibrand (D-NY), Elizabeth Warren (D-MA), Chris Murphy (D-CT), Gary Peters (D-MI), Bernie Sanders (I-VT), Brian Shatz (D-HI), Patty Murray (D-WA), Amy Klobuchar (D-MN), Rand Paul (R-KY), Bill Cassidy (R-LA), and Cynthia Lummis (R-WY).
In addition, CUNA has also engaged in other advocacy in Washington this week, including:
Letter on Asset Thresholds
CUNA sent a letter to NCUA supporting the agency’s proposal to raise the asset threshold for defining a credit union as “complex.” The grade group said it agrees that implementing this regulatory change in advance of the RBC rule’s January 1, 2022, effective date will provide capital relief to a significant number of credit unions without substantially decreasing the safety and soundness of credit unions or the NCUSIF.
That letter can be found in CUToday.info’s The Gov here.
Letter Ahead of Oversight Hearing
CUNA sent a letter to the House Financial Services Committee ahead of a Treasury and Fed oversight hearing in which it urged a one-year extension on disaster MBL exemptions, noting the benefits such a move would provide to employment and the economy.
“While credit union business lending has increased greatly since the Great Recession, many credit unions are now approaching the 12.25% of asset cap,” CUNA wrote. “We conservatively estimate that even temporarily removing the member business loan (MBL) cap will provide over $5.5 billion in capital to small and informal business ventures, creating nearly 50,000 jobs just over the course of the next year.”
That letter can be found in CUToday.info’s The Gov here.
Letter on USAID Administrator
CUNA sent a letter to the Senate Foreign Relations Committee prior to today’s nomination hearing of the Hon. Samantha Power to be Administrator of the U.S. Agency for International Development (USAID) in which it expressed concern that large contracting firms continue to “increasingly dominate” USAID awards, despite previous efforts to reform procurement processes and broaden access to USAID resources.
“Many [not-for-profit organizations], like credit unions, have extensive community rooted networks in countries that are prioritized by USAID,” the letter reads. “Such organizations can provide USAID with specialized skills, organized networks and a proven track record to support USAID implementation of U.S. foreign assistance. However, these U.S. private voluntary and not-for-profit organizations tend to be smaller and more specialized; as such, they face procurement obstacles in the effort to partner with USAID.”
Letter on Reporting Act
CUNA also sent a letter to Rep. Barry Loudermilk (D-GA) in support of H.R. 2040, the Financial Reporting Threshold Modernization Act.
“This bill would provide much-needed relief for financial institutions by increasing the antiquated Currency Transaction Report (CTR) threshold of $10,000 to an updated $30,000,” the letter reads. “The legislation would also increase the dollar amount thresholds for filing Suspicious Activity Reports (SARs) from $5,000 to $10,000 for most financial institutions and $2,000 to $3,000 for money service businesses.”
That letter can be found in CUToday.info’s The Gov here.