Major associations representing U.S. credit unions are calling on Congress to pass cannabis banking reform through must-pass defense legislation. 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 adult-use 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 groups, which wrote that they “strongly support” attaching SAFE Banking to NDAA, also stressed that “financial institutions that choose not to bank the cannabis industry still risk unknowingly serving those businesses in states where cannabis is legal.”
“Inclusion of the SAFE Banking Act puts in place necessary protections to bring revenue from state-sanctioned cannabis businesses into the financial services mainstream and, as a result, keeping communities safe,” it concludes.
Read the complete article at marijuanamoment.net.