CUNA secures SAFE Banking Act support from state legislators

August 18, 2019

CUNA, working with a large group of state lawmakers around the country, has secured support for the Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595). The bill would protect financial institutions that serve legal, cannabis-based businesses, and CUNA has made support of the bill one of its top advocacy priorities during the August recess.

While CUNA takes no position on the legalization or decriminalization of cannabis, it supports credit unions’ efforts to serve their members. CUNA has called on Congress to provide protections for credit unions that serve such businesses in states where it is legal due to the public safety risk it presents.

CUNA has testified before both the House Financial Services Committee and Senate Banking Committee in support of the SAFE Banking Act.

The SAFE Banking Act passed the House Financial Services Committee in March with a bipartisan 45-15 vote.

Over the summer CUNA has also connected with state legislators at events like the National Conference for State Legislators to garner support for the bill.