FOR IMMEDIATE RELEASE
September 25, 2019
Credit Union National Association (CUNA) Official Statement following House Financial Services Committee (HFSC) Passage of Secure and Fair Enforcement (SAFE) Banking Act
“Today’s landmark vote will help credit unions keep communities across the country safe and serve those state-legalized businesses previously left in the lurch. We offer our congratulations and appreciation to Representatives Perlmutter, Heck, Stivers, Davidson and others who have worked on this critical issue for so long. Our work is not done: We are ready to work in the Senate to advance legislation on this issue to the President’s desk.” - Jim Nussle, President/CEO
CUNA has supported the SAFE Banking Act since it was first introduced in the House in March and was the first financial trade organization to testify before Congress on the matter. In hearings in the House Financial Services Committee and Senate Banking Committee, Chief Risk Officer Rachel Pross of Maps Credit Union in Salem, Oregon emphasized that with no access to the financial system, cannabis businesses are forced to deal in cash only, creating a public safety hazard in the communities served by these businesses.
The SAFE Banking Act will help ensure access for state-sanctioned businesses in the mainstream financial system. Credit unions that choose to provide cannabis banking use rigorous screening and compliance protocols to appropriately monitor and maintain high-risk accounts. In a historic 321-103 vote, the bill will help protect small businesses who provide ancillary services to cannabis businesses.
Credit unions have been on the front line advocating for legal clarity between state and federal laws to protect financial institutions that deal with legal businesses, both directly and indirectly. CUNA has consistently called on Congress to pass this bill and bring legal businesses out of the underground economy.
CUNA, its League partners and the credit union industry are pleased to see its advocacy message was recognized by policymakers and will continue to engage Congress in getting this bill signed into law.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com