US: Major financial institutions push house to approve cannabis banking in defense bill

A coalition of financial associations on Wednesday, July 13, sent a letter to House leadership, imploring lawmakers to approve an amendment to protect banks that work with-state legal cannabis businesses as part of a large-scale defense bill.

The letter comes from the Americans Bankers Association (ABA), Credit Union National Association (CUNA), Independent Community bankers of America (ICBA), and National Association of Federally-Insured Credit Unions.

Rep. Ed Perlmutter’s (D-CO) cannabis banking amendment to the National Defense Authorization Act (NDAA) was made in order during a House Rules Committee meeting on Wednesday, with the congressman insisting that the legislation would be an appropriate vehicle for the bipartisan Secure and Fair Enforcement (SAFE) Banking Act.

Leadership on the panel evidently agreed, and now the proposal is set to receive a vote on the House floor on Wednesday.

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