Major associations representing U.S. credit unions are calling on Congress to pass marijuana banking reform through must-pass defense legislation. It’s the latest in a series of requests from lawmakers, stakeholders and advocates to advance legislation to protect financial institutions that work with state-legal cannabis businesses from being penalized by federal regulators. Specifically, they want to see the Senate follow the House’s lead in attaching language from the Secure and Fair Enforcement (SAFE) Banking Act to the National Defense Authorization Act (NDAA). “We take no position on legalizing or decriminalizing medicinal or recreational cannabis at either the state or federal level,” the associations said in a letter to key committee leadership. “However, credit unions operating in states where it is legal have members and member businesses involved in the cannabis market who need access to traditional depository and lending services, the absence of which creates a significant public safety issue.” The Credit Union National Association, Defense Credit Union Council and National Association of Federally-Insured Credit Unions signed the letter, which also touches on non-cannabis issues.
Kyle Jaeger, Marijuana Moment, 11/30/2021 08:50:00