WASHINGTON—CUNA wrote to House members in support of including the Secure and Fair Enforcement (SAFE) Banking Act, which would lift federal prohibitions on serving cannabis-related businesses, in the final version of the America COMPETES Act.
The America COMPETES Act passed the House in February with the SAFE Banking Act attached, but passed the Senate without, so the differences will be worked out in conference committee.
“The SAFE Banking Act of 2021 would offer narrowly targeted federal protections for credit unions and other financial institutions accepting deposits, extending credit, or providing payment services to an individual or business engaged in cannabis related commerce in states where such activity is legal with a safe harbor, so long as they are compliant with all other applicable laws and regulations,” CUNA’s letter reads. “Furthermore, the SAFE Banking Act provides safe harbor to credit unions and their employees who are not aware if their members or customers are involved in this business.”
CUNA noted the SAFE Banking Act has passed the House via roll call vote six times by bipartisan margins. It passed the House as an amendment to the COMPETES Act with a bipartisan 210-22 vote.
“Many credit unions operate in states where their voters or legislatures have made cannabis legal in one form or another,” the letter reads. “Therefore, CUNA believes that financial institutions should be permitted to lawfully serve businesses that engage in activities authorized under their state laws, even when such activity may be inconsistent with federal law.”
CUNA Names New Director of Advocacy
Separately, CUNA said Courtney Ryan has joined its advocacy team as director of advocacy. Ryan will support the CUNA-League System’s 360-degree advocacy with a focus on federal legislative affairs, CUNA added.
“We’re excited to have Courtney bring her drive and dedication to our work,” said Jason Stverak, CUNA deputy chief advocacy officer for federal affairs. “Courtney has a proven track record of connecting with legislators on important issues, and I look forward to using those skills to uplift the credit union difference.”
Before joining CUNA, Ryan served as the deputy executive director and finance director for House Majority PAC and House Majority Forward, where she worked closely with several members of Congress.