Cannabis Bill Expected on the House Floor this Week

The Secure and Fair Enforcement (SAFE) Banking Act bill will be on the House floor this week. The CUNA and Leagues backed bill would provide protections for financial institutions that serve cannabis-based businesses in states.  The bill would also provide protections for credit unions serving legal cannabis-based businesses.

Specifically, the SAFE Banking Act would:

  • Offer narrowly targeted federal protections for credit unions and other financial institutions accepting deposits, extending credit, or providing payment services to an individual or business engaged in cannabis related commerce in states where such activity is legal with a safe harbor, so long as they are compliant with all other applicable laws and regulations; and
  • Provide safe harbor to credit unions and their employees who are not aware if their members or customers are involved in this business.

CUNA/League witness Rachel Pross, chief risk officer at Maps CU, Salem, Ore., testified in support of the bill before the House Financial Services Committee in February and the Senate Banking Committee in July.