CUNA/League-backed SAFE Banking Act reintroduced

March 18, 2021

Reps. Ed Perlmutter (D-CO), Steve Stivers (R-OH), Nydia Velázquez (D-NY), and Warren Davidson (R-OH) reintroduced the CUNA-backed Secure and Fair Enforcement (SAFE) Banking Act today, which would provide protections for financial institutions serving cannabis-based businesses where it is legal. CUNA expressed support for the bill in a letter sent Thursday.

“Thanks to Reps. Perlmutter, Stivers, Velázquez, and Davidson for reintroducing this bill that addresses an important public safety issue when legal cannabis businesses are forced to deal only in cash,” said CUNA President/CEO Jim Nussle. “We look forward to engaging with members of Congress to get this important bill across the finish line.”

Specifically, the SAFE Banking Act would provide a safe harbor for financial institutions accepting deposits from, extending credit or providing payment services to an individual, or business engaged in legal marijuana-related commerce.

It also provides safe harbor to credit unions and their employees who are not aware if their members or customers are involved in such businesses.

The bill passed the House in 2019 in a historic vote, and CUNA testified before both House and Senate committees in support.