Cannabis banking fix advances in U.S. Senate
Published by: Jared Weiser
October 4, 2023 | Government Affairs
Navigating ambiguous and unclear cannabis banking compliance can hinder credit unions from fully serving members and meeting their unique needs. That is why the League supported the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which would address the inherent challenges to financially serving cannabis-related businesses by resolving current murky compliance requirements and state and federal law conflicts. The SAFER Banking Act was advanced out of the U.S. Senate Banking, Housing, and Urban Affairs Committee on Wednesday, Sept. 27, by a bipartisan 14-9 vote.
While this is an important first step, the bill must pass the full U.S. Senate before being considered by the U.S. House of Representatives. We need your help telling members of Congress that the SAFER Banking Act will help keep communities safe by allowing credit unions to serve cannabis-related businesses through bright-line guidance and safe harbor provisions. Click here to send your U.S. House and Senate members a message through Voter Voice.
Contact Jared Weiser for questions or assistance.