CU-backed cannabis bill on House floor, faster payments hearing this week

September 23, 2019

A CUNA-backed bill to provide protections for credit unions serving legal cannabis businesses will be on the House floor this week, and CUNA will be engaged with a faster payments hearing, in addition to other activities on Capitol Hill this week. 

The CUNA-backed Secure and Fair Enforcement (SAFE) Banking Act would provide protections for financial institutions that serve cannabis-based businesses in states where it is legal. CUNA/League witness Rachel Pross, chief risk officer at Maps CU, Salem, Ore., testified in support of the bill before the House Financial Services Committee in February and the Senate Banking Committee in July.

Other hearings CUNA is engaged with this week include:

  • Tuesday, 2 p.m. (ET): House Financial Services subcommittee on diversity and inclusion hearing, “Examining the Racial and Gender Wage Gap in America;”
  • Wednesday, 10 a.m. (ET): Senate Banking Committee hearing, “Facilitating Faster Payments in the U.S.”
  • Wednesday, 10 a.m. (ET): House Financial Services subcommittee on consumer protection and financial institutions hearing, “Promoting Financial Stability: Assessing Threats to the U.S. Financial System;”
  • Wednesday, 2 p.m. (ET): House Financial Services subcommittee on housing, community development and insurance hearing, “Protecting Seniors: A Review of the FHA's Home Equity Conversion Mortgage (HECM) Program;”
  • Thursday, 10 a.m. (ET): House Financial Services Committee hearing, “Examining Legislation to Protect Consumers and Small Business Owners from Abusive Debt Collection Practices;" and
  • Thursday, 2 p.m. (ET): House Financial Services Committee hearing, “The Future of Real-Time Payments."

In addition, The Senate is expected to vote on the House-passed continuing resolution to fund the federal government through Nov, 21. This bill includes a provision to extend the National Flood Insurance program through Nov, 21, while another ensures the operation of the Small Business Administration’s 7(a) loan program.