Print
The U.S. House of Representatives recently passed the Secure and Fair Enforcement (SAFE) Banking Act, moving this important legislation to the U.S. Senate for consideration. Past attempts to enact cannabis banking laws have been stymied in this legislative body, however it is widely anticipated that the Senate will take up their version of the bill soon. Some reports suggest that a vote could take place as early as May. While the timing of the bill’s final passage is still to be determined, credit unions should begin preparing now.
To help, the National Association of State Credit Union Supervisors (NASCUS) is offering a virtual cannabis school, June 9–11. NASCUS has offered some variation of this training since 2019, which provides expert advice from those working in the field. For more information or to register for this timely educational opportunity, please visit the Marijuana & Hemp eSchool page on NASCUS’ website.
The League also is exploring programming that can help credit unions prepare for cannabis banking. If there are areas of cannabis banking you would like to learn more about, please forward your suggestions to the League’s Governmental Affairs and Compliance team via Ellen Parent at eparent@mainecul.org.