SAFE Banking Act Clears U.S. House

On Monday, the U.S. House of Representatives passed the Secure and Fair Enforcement (SAFE) Banking Act in a bipartisan 321-101 vote. Maine Representatives Jared Golden and Chellie Pingree both voted in favor of the legislation.

“This historic, bipartisan legislation will address a public safety issue facing consumers, businesses, and financial institutions around the country,” said CUNA President/CEO Jim Nussle. “We appreciate the House passing this bill and urge the Senate to move forward in similar fashion. We will continue to engage with them going forward to get this bill across the finish line.”

The House bill provides a much-needed safe harbor for financial institutions that are looking to accept deposits from, extend credit, or provide payment services to an individual, or business engaged in legal marijuana-related commerce. A Senate version of the SAFE Banking Act was introduced last month by a group of 30 senators, including Maine’s own Angus King.

The League and CUNA strongly support passage of the SAFE Banking Act. In an interview with NEWS CENTER Maine about this topic, League Vice President of Governmental Affairs Robert Caverly explained why this issue is timely.

“The League would like to thank Maine’s entire congressional delegation for their support of this critical legislation,” said Caverly. “As credit union leaders know, this isn’t about supporting legalization of cannabis, but removing an environment that is ripe for tax fraud, crime, and regulatory limbo. It is time that cannabis businesses across Maine have access to the financial products they need.”