CUNA, ABA endorse marijuana banking bill; NAFCU says ‘complexities’ remain
A House committee begins markup on a bill giving FIs safe harbor for providing services to marijuana-related businesses in states where cannabis is legal.
The two national trade groups are taking slightly different directions on marijuana banking legislation, as CUNA and the American Bankers Association jointly endorsed House legislation and NAFCU said the issue is important, but there are problems with the bill.
The House Financial Services Committee on Tuesday began a committee markup of several bills, including H.R. 1595, which was introduced by Democrats Ed Perlmutter of Colorado and Denny Heck of Washington.
The legislation would give financial institutions with a safe harbor for providing services to marijuana-related businesses in states where cannabis is legal.
Under current law, financial institutions, including credit unions could be subject to sanctions for doing business with such firms.
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