SAFE Banking Act Mark-up, Data Security and Housing Finance Hearing this Week

Both chambers of Congress are back in Washington, DC this week and there are several notable meetings scheduled of interest to credit unions. This includes a mark-up of a CUNA-League System supported bill and a two-day hearing on housing finance reform.

On Tuesday, the House Financial Services Committee will conduct a mark-up of several bills, including one supported by CUNA that would give credit unions and other financial institutions the ability to serve cannabis-based businesses in places where it is legal.

CUNA has written in support of the Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595), and a witness testified on CUNA’s behalf in February about the need for such a bill.

The mark-up is scheduled to begin Tuesday at 2 p.m.

In addition, the Senate Banking Committee will conduct a two-day hearing examining Committee Chairman Mike Crapo’s (R-Idaho) outline for housing finance reform. The hearing will begin at 10 a.m. on Tuesday and Wednesday.

Other hearings CUNA is engaged with this week include:

  • House Financial Services sub-committee on oversight and investigations hearing, “The Administration of Disaster Recovery Funds in the Wake of Hurricanes Harvey, Irma, and Maria” Tuesday at 10 a.m.;
  • House Oversight and Reform sub-committee on economic and consumer policy hearing, “Improving Data Security at Consumer Reporting Agencies” Tuesday at 2 p.m.;
  • Senate Commerce sub-committee on manufacturing, trade, and consumer protection hearing, “Small Business Perspectives on a Federal Data Privacy Framework” Tuesday at 2:30 p.m.;
  • House Ways and Means Committee hearing: “The 2017 Tax Law and Who It Left Behind” Wednesday at 10 a.m.

In a development related to the SAFE Banking Act, legislation to legalize adult recreational use of marijuana was scheduled for votes in both houses of the New Jersey Legislature yesterday. The bills were pulled from board lists in both chambers when it became apparent that there were not enough votes for passage in the Senate. The legalization bills (A4497S2703) received final committee approvals last week and Gov. Phil Murphy, who made legalizing the recreational use of cannabis one of his top issues while campaigning for governor, promised he would sign the legislation if it reached his desk. 

New Jersey legalized marijuana for medicinal purposes in 2010 so the SAFE Banking Act is important to New Jersey cannabusinesses, credit unions and banks regardless of the whether the state approves recreational use.