WASHINGTON—Greater clarity around federal rules related to credit unions serving cannabis businesses is needed, NAFCU said in a letter to the Senate Banking Committee.
In the letter, Vice President of Legislative Affairs Brad Thaler expressed support for the Secure and Fair Enforcement (SAFE) Banking Act, which has again been introduced in Congress and which is aimed at providing greater clarity and legal certainty -- at the federal level -- for financial institutions to provide products and services to marijuana-related businesses (MRBs) in states that have legalized marijuana.
Thaler reminded the Schedule I classification of marijuana is causing credit unions to “remain hesitant to provide financial services to these members and their small businesses,” even in states where these businesses are legal to operate.
Urges Support for Bill
“While the SAFE Banking Act of 2023 does not address every issue on this front, it seeks to provide a safe harbor for financial institutions that wish to serve such businesses and would be an important step towards improving clarity and addressing what is often perceived as misalignment between federal and state laws,” wrote Thaler. “It is with this in mind that NAFCU urges you to support the SAFE Banking Act of 2023 and advance it in the Senate.”
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