Senate Banking Committee Passes Cannabis Banking Bill

(From CUNA News) – The Senate Banking, Housing, and Urban Affairs Committee passed the CUNA and League-supported Secure and Fair Enforcement Regulation (SAFER) Banking Act Wednesday with a 14-9 vote. The bill would provide a safe harbor for financial institutions and employees serving legal cannabis-based businesses.

“We thank the committee for moving forward on this important legislation to bring consistency and common-sense to the intersection of banking regulation and legal cannabis businesses,” said CUNA Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak. “This bill will allow credit unions to lawfully serve these businesses and addresses the serious public safety issue of forcing these businesses to deal in only cash.”

A bipartisan group of senators—including Senate Majority Leader Chuck Schumer (D-NY)—introduced the bill last week. It is an updated version of the CUNA and League-supported SAFE Banking Act, which was introduced in both chambers earlier this year, and passed the House seven times in previous Congresses.