LSCU talks SAFE Banking, interchange with Alabama politics publication

League of Southeastern Credit Unions and Affiliates Vice President of Federal Advocacy and Communications Grace Newcombe spoke with The Monday Brief, an Alabama Daily News weekly section on Alabama politics and policy. LSCU is the first association to be interviewed by the publication, and Newcombe spoke about advocacy for cannabis banking legislation, legislative priorities, and more. 

"With a growing number of states legalizing some form of marijuana use, it is imperative cannabis businesses have a safe and responsible place to bank. Otherwise, 'all cash' businesses can create a public safety issue, as we have unfortunately seen in other states across the country," she said. "With state and federal law contradicting one another, credit unions and banks are put into a gray area with little-to-no guidance, leaving an untapped market and a lack of access to financial services. 

"Just recently, a Mississippi bank began targeting cannabis businesses in Alabama to offer them financial services. Instead of allowing money to be sent out of state, lawmakers should work to keep money local and in the communities for which it was intended," she added, also noting the hundreds of messages of support for the legislation sent by Alabama credit unions, and the support of Sen. Tommy Tuberville, R-Ala.

"While [Senate Banking Committee] Chairman [Sherrod] Brown, D-Ohio, has indicated that advancement of the SAFE Banking Act through the committee process is dependent on Republican cosponsors, the fact this legislation has passed the House seven times in recent years – each in an overwhelmingly bipartisan way – is proof this is a commonsense solution with broad support," Newcombe said. 

She also highlighted credit union opposition to the big box interchange bill, and support for the Veteran Member Business Loan Act.