CUNA President/CEO Jim Nussle and Chief Advocacy Officer Ryan Donovan joined Reps. Ed Perlmutter (D-Colo.), Steve Stivers (R-Ohio) and Earl Blumenauer (D-Ore.), co-sponsors of the CUNA-backed Secure and Fair Enforcement (SAFE) Banking Act, at the U.S. Capitol today to recognize the historic vote on the bill. The House passed the bill with a bipartisan 321-103 vote.
“Wednesday’s bipartisan vote showed that, regardless of one’s feelings on legalization or decriminalization of cannabis, the current regime of denying these businesses access to the financial system is unsustainable,” Nussle said. “CUNA, Leagues and credit unions were proud to demonstrate these issues to Congress on numerous occasions this year, and we’re thankful that legislators agreed with us that this is a public safety issue. But our work isn’t done yet, we look forward to engaging the Senate on this bill and working to get it across the finish line.”
The SAFE Banking Act would offer protections for financial institutions serving state-legalized cannabis-based businesses. Senate Banking Committee Chairman Mike Crapo (R-Idaho) has promised to hold a vote this fall on whether to recommend this legislation to the full Senate.
CUNA/League advocate Rachel Pross, chief risk officer at Maps CU, Salem, Ore., testified before Congress twice this year in support of the bill, before the House Financial Services Committee and Senate Banking Committee.
CUNA also urged Leagues and credit unions to discuss the need for the bill during August recess, and Leagues and credit unions also supported the bill during recent Hike the Hill visits to Washington, D.C.