WASHINGTON–It’s once again come down to a conference committee and backroom deals to decide what becomes of the credit union SAFE Banking Act, which would remove many of the federal prohibitions on financial institutions serving cannabis-related businesses.
The America Competes Act, which passed 222-210 earlier this year in the House and which is designed to make the country more competitive with other countries, particularly China, has also passed the Senate. The House version includes the SAFE Banking Act, the Senate version does not. The differences are now being hammered out in committee.
The SAFE Banking Act has been attached to other larger bills in the past and has not come out the other end. Considered dead earlier in this Congress, it gained new life when Rep. Ed Perlmutter (D-CO), its primary sponsor, announced he would not be running for re-election.
‘Nothing is Ever Certain’
The House version of the America Competes Act also includes the Remote Authorization Act, which would permit e-notarization of documents.
“We have been engaging with members of Congress to see if we can get this passed,” said Brad Thaler, NAFCU’s VP of legislative affairs. “We still have to work on the details and nothing is ever certain. We think it is going to be enacted at some point and this bill could carry an important of legislation across the line.”
As Thaler has previously told CUToday.info, small pieces of legislation, including many credit union priorities, are unlikely to pass this Congress unless included as part of larger bills.
To that end, Thaler said other credit union priorities will likely need to be included in bills that are popular and timely, such as legislation around sanctions on Russia, help for Ukraine or funding of the government.
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