House passes SAFE Banking Act as part of COMPETES Act

The House passed the CUNA/League-supported Secure and Fair Enforcement (SAFE) Banking Act Friday as an amendment attached to the America COMPETES Act.  The SAFE Banking Act would provide protections to financial institutions serving cannabis-based businesses where it is legal.

“We thank House members for including this bill in the bipartisan America COMPETES Act. This bill addresses an important public safety issue by providing legal businesses access to financial services,” said CUNA President/CEO Jim Nussle.

The SAFE Banking Act previously passed the House this Congress as part of the fiscal year 2022 National Defense Authorization Act (it was not included in the final package) and as a standalone bill.