House passes CUNA-backed SAFE Banking Act in bipartisan vote

April 19, 2021

The House passed the CUNA-supported Secure and Fair Enforcement (SAFE) Banking Act Monday in a bipartisan 321-101 vote. The bill would provide protections to financial institutions that serve state legal cannabis-based businesses.

“This historic, bipartisan legislation will address a public safety issue facing consumers, businesses, and financial institutions around the country,” said CUNA President/CEO Jim Nussle. “We appreciate the House passing this bill and urge the Senate will move forward in similar fashion. We will continue to engage with them going forward to get this bill across the finish line.”

The SAFE Banking Act was introduced last month by Reps. Ed Perlmutter (D-Colo.), Steve Stivers (R-Ohio), Nydia Velázquez (D-N.Y.), and Warren Davidson (R-Ohio).

Specifically, it 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; and
  • Credit unions and their employees who are not aware if their members or customers are involved in such businesses.

The SAFE Banking Act was also introduced last month in the Senate by a group of 30 Senators.

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