FOR IMMEDIATE RELEASE
March 18, 2021
Reps. Ed Perlmutter (D-CO), Steve Stivers (R-OH), Nydia Velázquez (D-NY) and Warren Davidson (R-OH) today reintroduced the Secure and Fair Enforcement (SAFE) Banking Act, which would provide protections for financial institutions serving cannabis-based businesses where it is legal.
“This legislation will allow credit unions to help these state-legalized businesses that are currently forced to deal exclusively in cash access the mainstream financial system, enhancing the safety of these businesses and the communities they serve,” said CUNA President/CEO Jim Nussle. “Thanks to Reps. Perlmutter, Stivers, Velázquez, and Davidson for reintroducing this important bill.”
The Credit Union National Association (CUNA) has no stance on cannabis legalization but has long supported the SAFE Banking Act on behalf of America’s credit unions seeking to accept deposits from, extend credit to, or provide payment services for an individual or business engaged in legal marijuana-related commerce. The bill also provides protection to credit unions and their employees who are not aware if their members are involved in such businesses.
The bill passed the House in 2019 in a historic vote, and CUNA testified before both House and Senate committees in support.
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 120 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.