CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » CUNA-backed SAFE Banking Act passes House Financial Services Cmte
Policy & Issues

CUNA-backed SAFE Banking Act passes House Financial Services Cmte

March 28, 2019

The House Financial Services Committee passed the CUNA-supported Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595) Thursday by a bipartisan vote of 45-15. The bill would provide a safe harbor for financial institutions serving legal cannabis-related businesses.

“We thank the House Financial Services Committee for advancing the SAFE Banking Act, and for taking the time to hear from credit union and other witnesses during its consideration of the bill,” said CUNA President/CEO Jim Nussle. “Regardless of one’s feeling of legalization or decriminalization of cannabis, CUNA and others have demonstrated that the current status quo for these businesses is a public safety concern and will remain so if these businesses cannot access mainstream financial services.”

Specifically, H.R. 1595 would:

  • Offer narrowly targeted federal protections for credit unions and other financial institutions accepting deposits, extending credit, or providing payment services to an individual or business engaged in cannabis related commerce in states where such activity is legal with a safe harbor, so long as they are compliant with all other applicable laws and regulations; and
  • Provides safe harbor to credit unions and their employees who are not aware if their members or customers are involved in this business.

CUNA witness Rachel Pross, chief risk officer at Maps CU, Salem, Ore., testified before the House Financial Services subcommittee on consumer protection and financial institutions in February about the importance of allowing these legal businesses to access financial services.

That hearing featured several stories from subcommittee members about cannabis businesses and personnel being targeted because of the large amounts of cash present. 

During the three-day House Financial Services Committee markup, Rep. Blaine Luetkemeyer (R-Mo.) introduced an amendment to the Consumers First Act (H.R. 1500) today that would have created a commission to oversee the Consumer Financial Protection Bureau (CFPB) instead of the current model which has the bureau led by a single director.

While Luetkemeyer withdrew the amendment before the House Financial Services Committee could vote on it, CUNA's Chief Advocacy Officer Ryan Donovan thanked the Congressman.

"We appreciate Rep. Luetkemeyer's continued support for a commission to run the CFPB. CUNA has long called for the creation of just such a leadership structure, and will continue to engage with Rep. Luetkemeyer, Chairwoman Maxine Waters, and other lawmakers on this important issue," Donovan said.

Credit Union Magazine - Spring 2021

Spring 2021

Credit Union Magazine’s Spring 2021 edition features CUNA's 2021 advocacy agenda, strategic planning guidance, and labor market insights.
Digital Edition •  Subscribe

Trending

  • ‘More listening and less attacking’

  • Movement must focus on financial well-being for all

  • FHFA Extends forbearance, foreclosure and REO eviction moratoriums

Tweets by CUNA_News

Polls

Who should be the 2021 Credit Union Hero of the Year?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors