Marijuana banking and NCUA vendor authority left out of defense bill

Leaders of House and Senate committees on Tuesday agreed on a FY23 defense authorization bill that does not include several high-priority issues credit union trade groups wanted addressed in the must-pass legislation.

For instance, the bill does not include a House provision that would have provided banks and credit unions a regulatory safe harbor for serving marijuana-related businesses. Senate Democratic leaders have indicated that they want to address in separate legislation several issues dealing with marijuana. However, it is not clear whether that bill could be passed this year.

The defense agreement also does not include a House provision that would have extended the pandemic-related provisions related to the NCUA’s Central Liquidity Facility. However, Sens. Alex Padilla, D-Calif., and Kevin Cramer, R-N.D., this week introduced separate legislation, S. 5183, which would extend those provisions. Again, it is not clear whether that bill will be considered this year.

The bill further does not include a House-passed provision that would have encouraged diversity in the appraisal industry.

 

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