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Cannabis Banking Advocacy
The Maine Credit Union League has consistently advocated for increased access to financial services for cannabis-related businesses (CRB). Working with our industry partners, we have been working at the federal level to promote the passage of the SAFE Banking Act. While this legislation is crucial for expanding access to financial services for CRBs, the bill in its current form will not change or mitigate the new expectations and requirements being imposed on credit unions by state and federal regulators.
Because the new regulatory environment may cause frustration and uncertainty, the League has been vocal in expressing our concerns to credit union regulators, state and federal elected officials, and other interested parties. We believe is imperative that legal Maine businesses have access to the financial tools they need to safely and effectively operate, grow, and contribute to our economy.
The League has sent a letter to government officials explaining the situation and various policies that may arise. Additionally, we regularly provide testimony to the Legislature on this issue.