Credit union group among those pushing for marijuana banking progress

As Congress returns from its Spring recess, supporters of marijuana banking are pushing hard to ensure a competitiveness bill now in a House-Senate conference also allows financial institutions to offer services to cannabis-related businesses.

A key House sponsor of the measure, two state attorneys general and the Credit Union National Association (CUNA) have all sent letters in recent days to key members of Congress pressing the issue.

The House has already passed legislation that would allow credit unions and banks to provide services to marijuana-related businesses in states where cannabis is legal. The Senate, however, has yet to consider the measure. Senate Democratic leaders have said they want to consider the banking proposal as part of a broader, comprehensive legalization bill.

Separately, the House has also approved a marijuana banking amendment to its high-profile competitiveness bill, which is considered must-pass legislation. The Senate version of the bill, however, does not currently include the provision, with a House-Senate conference committee in the process of negotiating over a final measure.


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