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.

CONTACT US

E: eleite@ohiocul.org
T: (614) 923-9770
C: (614) 581-8460

Contact Emily Leite for questions or assistance.

Emily Leite
Emily Leite Chief Advocacy Officer E: eleite@ohiocul.org
Contact Us

Other Movement News

Government Affairs

League advocates for “clean” NDAA funding bill

In a gridlocked Congress, must-pass federal spending bills open an opportunity to accomplish policy initiatives that can either promote or inhibit credit unions from serving their members. That’s why the […]
Regulatory

Ohio shows united opposition to debit interchange rule

Cards, compliance, and cybersecurity all have a cost, and that is why the League submitted a comment letter expressing serious concern and vehement opposition to the Federal Reserve’s proposal to […]
Member Benefits

Trending on Huddle: Are you a part of the discussion?

Connecting and collaborating are part of what makes the Credit Union Movement unique to financial services and continue to be a cornerstone of its collective success. The League’s online community, […]