Congress is currently considering changes to federal law that would provide a safe harbor for financial institutions offering services to legitimate cannabis businesses in an effort to bring safety and stability communities where marijuana has been legalized.

While neither the League nor CUNA takes a position on the legalization of cannabis, there are numerous businesses in state that are unable to bank legally due to federal regulations. Credit unions take a risk when they accept these deposits and the community at large faces an even bigger risk when these businesses have nowhere to turn for financial services.

Representative Chellie Pingree was one of the cosponsors of H.R. 1595, “Secure And Fair Enforcement Banking Act of 2019” or SAFE Banking Act which would create a safe harbor for institutions to provide services to these businesses in the state. The bill was before the House Financial Services Committee on March 28 and was reported favorably to the House of Representatives. More information and the full text of the bill can be found on the Library of Congress website.