ARLINGTON, Va.—A new version of NAFCU's Marijuana Banking Issue Brief is now available online. The trade group said the document provides credit unions with comprehensive, up-to-date information on federal legislative efforts and state-level marijuana laws, the trade association said.
Earlier this year, lawmakers in the House passed the CU-backed Secure and Fair Enforcement (SAFE) Banking Act, which is designed to provide a safe harbor for credit unions and other lenders that serve marijuana-related businesses (MRBs) in states that have legalized cannabis. The Senate has not moved on companion legislation.
NAFCU said the updated brief also provides information on the political and regulatory landscape surrounding marijuana banking to help credit unions better understand the current state of play in this area.
On the federal side, the brief explores updates to the SAFE Act while it awaits action in the Senate, as well as two other bills that have been introduced in Congress, NAFCU added.
Other Areas Explored
Additionally, the brief explores the U.S. Department of Agriculture's (USDA) interim final rule that outlines provisions for legal hemp production and addresses discrepancies in certain circumstances – such as state and tribal laws – where it might still be illegal. It also includes information on the NCUA's interim guidance – developed at the request of Senate Majority Leader Mitch McConnell (R-KY) – which allows federally insured credit unions to provide certain financial services to legally operating hemp businesses.
While NAFCU said it has not and will not take a position on the legalization or decriminalization of marijuana, the association has encouraged Congress to consider legislative complexities and noted the benefits of a strong safe harbor for financial institutions that wish to serve MRBs, similar to that which is proposed in the SAFE Act.