FOR IMMEDIATE RELEASE
April 19, 2021
The U.S. House of Representatives today passed the Secure and Fair Enforcement (SAFE) Banking Act, which would provide protections for financial institutions serving cannabis-based businesses where it is legal. The Credit Union National Association (CUNA) has supported the SAFE Banking Act since it was first introduced in the House and was the first financial trade organization to testify before Congress on the issue.
“Today’s landmark vote will help credit unions keep their communities safe by providing state-legalizes businesses access to mainstream financial services," said CUNA President/CEO Jim Nussle. "We offer our appreciation to Representatives Perlmutter, Stivers, Velázquez, Davidson and others who have worked on this bipartisan legislation for so long. There is more work to be done to get the SAFE Banking Act across the finish line. We are ready to work in the Senate to advance legislation on this issue to the President’s desk.
Credit unions operating in states that have urged federal stakeholders 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.
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.
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.