Congress can stop the cannabis banking conundrum now, CUNA President/CEO Jim Nussle and American Bankers Association President/CEO Rob Nichols wrote in Fox Business Thursday. A credit union witness is scheduled to testify on CUNA's behalf before the Senate Banking Committee on the need for legal cannabis business to access financial services, and Nussle and Nichols outline why this is necessary in the op-ed.
The two cite the CUNA-supported Secure and Fair Enforcement (SAFE) Banking Act as an example of legislation that would “improve safety and support small businesses across America.” The bill would protect financial institutions that serve legal cannabis businesses and provide legal clarity.
“Credit unions and banks play a crucial role in keeping Main Street running safely and prosperously. They extend credit to help businesses grow, move cash off the street and into traceable, secure accounts, and are the front line against money laundering and other suspicious activity, flagging for law enforcement bad actors trying to hide their ill-gotten gains,” Nussle and Nichols, wrote. “By passing the SAFE Banking Act, Congress will allow these vital institutions to continue helping main streets from Maine to Hawaii grow and thrive.”
They also note the bipartisan support for the SAFE Banking Act, which passed the House Financial Services Committee in March with a bipartisan 45-15 vote, and is supported by 38 attorneys general from around the country.
Rachel Pross, chief risk officer at Maps CU, Salem, Ore., will testify in support of the SAFE Banking Act on behalf of CUNA before the Senate Banking Committee Tuesday, July 23.