WASHINGTON—Credit unions continue to pressure Congress to include legislation that would allow FCUs to serve cannabis businesses in the America COMPETES Act.
NAFCU, which sent a new letter to congressional leaders ahead of a Senate conference committee on the America COMPETES Act, has noted it’s unlikely any smaller pieces of legislation get through Congress this year unless part of larger, bipartisan-supported, must-pass legislation.
NAFCU Vice President of Legislative Affairs Brad Thaler said passage of the SAFE Banking Act would allow Congress to provide greater clarity and legal certainty at the federal level for credit unions that choose to provide financial services to state-authorized marijuana-related business (MRBs) and ancillary businesses that may serve those businesses in states where such activity is legal.
“NAFCU has heard from a number of our member credit unions in these states that they are being approached by their members, or potential members, who have a small business in or are serving the legal cannabis industry in their state and are seeking banking services for their small business,” wrote Thaler.
CUs Remain ‘Hesitant’
According to the letter, the majority of credit unions remain hesitant to provide financial services to members and their small businesses that participate in MRBs, considering that credit unions themselves are subject to additional regulatory challenges that “compound uncertainty of providing financial services to state-authorized MRBs.”
“It should be noted that these risks also exist when providing financial services to ancillary businesses that provide products and services to MRBs and fall within the credit union’s field of membership, even if the state-authorized MRB does not,” added Thaler.
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