SAFE Banking Act stalled in U.S. Senate
Published by: Emily Leite
May 5, 2021 | Government Affairs, Regulatory
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 efforts behind both U.S. Representatives Steve Stivers (R-Upper Arlington) and Warren Davidson (R-Troy) in their co-sponsorship of H.R. 1996, the Secure and Fair Enforcement (SAFE) Banking Act. The SAFE Banking Act recently cleared the U.S. House of Representatives by an overwhelming 321-101 bi-partisan vote to address the inherent challenges to financially serve cannabis-related businesses by resolving current murky compliance requirements and state and federal law conflicts.
In conversations with U.S. Senate Banking, Housing, and Urban Affairs Committee Chairman Sherrod Brown (D-OH), the League learned that while he is generally sympathetic to helping financial institutions, like credit unions, there needs to be more regulatory clarity in cannabis banking. Chairman Brown is more focused on exploring a holistic overhaul of federal marijuana policy rather than establishing a solution patchwork to the federal and state law conflicts. To further encourage Senate action, the League will continue connecting Ohio credit union leaders to Chairman Brown to further illustrate how critical SAFE banking remains to member service and regulatory clarity.
Contact Chief Advocacy Officer Emily Leite for questions or more information on cannabis banking-related advocacy efforts.
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Contact Emily Leite for questions or assistance.