CUNA and the League of Southeastern Credit Unions advocacy team have actively supported the SAFE Banking Act since it was introduced in the House earlier this year. League efforts have focused on educating federal lawmakers of the need for legislation allowing credit unions to provide financial services to cannabis companies in states where it is legal.
The U.S. House of Representatives voted yesterday by a vote of 321-103, to advance legislation allowing state-legalized cannabis businesses access to the financial system.
“With the passage of the SAFE Banking Act, the House has taken a big step in correcting a major public safety issue. This isn’t a matter of arguing the merits of the legalization of cannabis, this is about bringing legitimate business interests into the traditional financial services sector,” states LSCU’s Jared Ross, Executive VP, Advocacy. “The League of Southeastern Credit Unions & Affiliates, along with CUNA, are committed to working with the Senate to ensure that this issue is resolved, and these all cash businesses can safely do their banking.”
Credit unions that provide services to these businesses will screen and utilize compliance protocols to appropriately monitor and maintain high-risk accounts.
“We applaud the House for their passage of this important piece of legislation. Our focus now shifts to working with the Senate,” states LSCU’s Cindy Connelly, Executive VP, Government Influence. “We expect this to be an issue during Hike the Hill in a few weeks and hope that the six senators from Alabama, Florida and Georgia realize how important it is to allow the cannabis industry entry into the traditional banking system.”
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