WASHINGTON—One of the strongest proponents in Congress backing legislation that would change federal law and allow financial institutions to serve cannabis businesses legally has announced he will not seek re-election this November.
Rep. Ed Perlmutter (D-CO), who has served in Congress since 2007 and worked closely with credit unions on many issues, including the SAFE Act, has had strong support from credit unions.
“We thank Rep. Perlmutter for being a strong credit union champion throughout his time in Congress,” said CUNA President/CEO Jim Nussle. “His work on behalf of credit unions with members of Congress from both parties has helped credit unions and their members. We wish him and his family the best going forward.”
A Credit Union ‘Champion’
Added Scott Earl, president/CEO of the Mountain West Credit Union Association, "Ed has long been a champion of credit unions, not only in Colorado, but nationally as well. Many times, he stood up to protect credit unions’ ability to serve their members, and he has been the leading voice in the fight to allow legal cannabis businesses access to financial services. We have valued our relationship over the years, and on top of it all, he’s a really good guy. We wish Ed well in his retirement."
After Perlmutter introduced the Secure and Fair Enforcement (SAFE) Banking Act, it passed the House several times, with the CU trade groups testifying before both House and Senate committees in support of the bill. It was most recently included in the National Defense Authorization Act before being dropped while in conference committee.
Perlmutter also introduced legislation to modernize the member expulsion process in this Congress, and previously introduced bipartisan legislation to allow National Credit Union Share Insurance Fund coverage for trust accounts, which was eventually signed into law in 2014.