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 Prepares Response to Crapo’s Concerns on SAFE Banking
Press

CUNA Prepares Response to Crapo’s Concerns on SAFE Banking

February 10, 2020

FOR IMMEDIATE RELEASE
February 7, 2020
Washington, DC

CONTACT:
Lauren Williams
CUNA Communications
202-672-3396      

Credit Union National Association (CUNA) today sent a response to Senate Banking Committee (SBC) Chairman Sen. Mike Crapo (D-Idaho) who requested public feedback on ways to address public health and money laundering concerns with cannabis banking.

CUNA President/CEO Jim Nussle points out that the Secure and Fair Enforcement (SAFE) Banking Act can be modified to address most of Chairman Crapo’s concerns in a manner consistent with the narrow objectives the bill was designed to achieve. The organization, which represents America’s credit unions, notes that, with the exception of the proposal to add public health and safety requirements to the enforcement responsibilities of the financial institutions, the SAFE Banking Act is already consistent with Chairman Crapo’s positions.   

“We urge you to continue to advance the SAFE Banking Act through the Senate Banking Committee’s consideration process in order to allow the proposed changes to be considered as amendments that all of the members of the Committee can vote upon,” Nussle wrote.

CUNA testified in support of the SAFE Banking Act in front of House and Senate members last year, and the House passed the bill in September. The legislation would provide protections for financial institutions that serve cannabis businesses and ancillary businesses in states where cannabis is legal.

“Enactment of this bill would offer much-needed, narrowly targeted federal protections for credit unions and other financial institutions who accept deposits from, extend credit to, or provide payment services for an individual or business engaged in cannabis-related commerce in states where the activity is legal ─ as long as the activity is compliant with all other applicable laws and regulations,” Nussle wrote. “CUNA strongly believes that federal legislation providing these protections is essential to bringing revenue from state-sanctioned cannabis entities and hemp businesses into the financial services mainstream and, as a result, keeping communities safe by removing vast amounts of cash off the streets.”

CUNA notes that neither the association nor its members take a position on the legalization or decriminalization of cannabis. Rather, CUNA believes that the conflict between federal law and the laws in 33 states and District of Columbia that allow sales of cannabis, creates compliance challenges for credit unions that require Congress’s immediate attention.

Additional comments were made for the chairman’s consideration on the following concerns:

  • Treasury Financial Crimes Enforcement Network (FinCen) being required to issue rulemaking
  • The SAFE Banking Act and the facilitation the interstate commerce of cannabis
  • Why the existing language of the Financial Institution Consumer Protection Act is preferable to the Chairman’s recent proposal
  • CUNA and its member credit unions support for the Chairman’s recommendation to continue to include the House hemp provisions in the SAFE Banking Act

##      

About CUNA:           
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.

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

  • Cheryl Deborde named Credit Union Hero of the Year

  • PCA flexibility coming soon from NCUA

  • CFPB proposes delayed effective date for recent debt collection rules

Tweets by CUNA_News

Polls

How have vaccination efforts affected your remote work policy?

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