A group of 30 Senators introduced the Secure and Fair Enforcement (SAFE) Banking Act Tuesday, a week after the same bipartisan bill was introduced in the House. The bill would provide protections for financial institutions serving legal cannabis businesses.

“Thanks to this bipartisan group of Senators for reaching across the aisle to introduce this bill that addresses an important public safety issue that comes with legal businesses that currently must operate on a cash-only basis,” said CUNA President/CEO Jim Nussle. “With both chambers introducing this bill in a bipartisan fashion, it’s clear Congress views this as an important priority, and CUNA, Leagues, and credit unions will continue their engagement to get it across the finish line.”

The SAFE Banking Act would prevent federal banking regulators from:

• Prohibiting, penalizing or discouraging a financial institution from providing financial services to a legitimate state-sanctioned and regulated cannabis business, or an associated business;
• Terminating or limiting a financial institution’s federal deposit insurance solely because it is providing services to a state-sanctioned cannabis business or associated business;
• Recommending or incentivizing a financial institution to halt or downgrade providing any kind of banking services to these businesses; or
• Taking any action on a loan to an owner or operator of a cannabis-related business.

Sens. Jeff Merkley (D-Ore.), Steve Daines (R-Mont.), Kyrsten Sinema (D-Ariz.), Ed Markey (D-Mass.), Alex Padilla (D-Calif.), Patrick Leahy D-Vt.), Dick Durbin (D-Ill.), Ron Wyden (D-Ore.), Mazie Hirono (D-Hawaii), Tina Smith (D-Minn.), Angus King (I-Vt.), Catherine Cortez Masto (D-Nev.), Michael Bennet (D-Colo.), Robert Menendez (D-N.J.), Jon Tester (D-Mont.), Jacky Rosen (D-Nev.), Kevin Cramer (R-N.D), Dan Sullivan (R-Alaska), Kirsten Gillibrand (D-N.Y.), Elizabeth Warren (D-Mass.), Chris Murphy (D-Mass), Gary Peters (D-Mich.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Patty Murray (D-Wash.), Amy Klobuchar (D-Minn.), Rand Paul (R-Ky.), Bill Cassidy (R-La.), Cynthia Lummis (R-Wyo.), and Lisa Murkowski (R-Alaska) co-sponsor the legislation.

The SAFE Banking Act passed the House in 2019, and CUNA testified before both House and Senate committees in support.