CUNA-backed SAFE Banking Act on House floor this week

September 22, 2019

The House is expected to consider the CUNA-supported Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595) Wednesday. The bill would provide protections for financial institutions that serve cannabis-based businesses in states where it is legal.

CUNA has backed the bill since it was first introduced in the House in March, and supports the Senate version as well. While CUNA takes no position on the legalization or decriminalization of cannabis, it supports the ability of credit unions to serve legal businesses.

CUNA/League witness Rachel Pross, chief risk officer at Maps CU, Salem, Ore., testified twice in support of the SAFE Banking Act before Congress this year, before the House Financial Services Committee in February and before the Senate Banking Committee in July.

Pross emphasized that, with no access to the financial system, cannabis business are forced to deal in cash only, creating a public safety hazard in the communities served by these businesses. She also noted the current regime jeopardizes non-cannabis related businesses around the country who might provide cannabis businesses with services without knowing their nature.