The House is expected to vote on the CUNA-supported Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595) on September 25th. The bill would implement a safety strategy for financial institutions that work with cannabis-based businesses throughout the U.S. where it’s legal.
CUNA has supported the bill when it was first proposed to the House back in March as well they support the Senate version too. While CUNA has no stance on the legalizing or decriminalizing of marijuana, it stands behind the ability of credit unions to assist legal businesses.
CUNA/League witness Rachel Pross, chief risk officer at Maps CU, Salem, Ore., testified twice in defense of the SAFE Banking Act before Congress this year, before the House Financial Services Committee in February and before the Senate Banking Committee in July.
Pross stressed that, with no clear path to a financial system, the legal marijuana industry in the U.S. are forced to deal in cash only, creating public safety concerns in the areas where the cannabis businesses are run. She also said the current government endangers non-cannabis related businesses around the country who might service cannabis businesses without knowing their nature.