NAFCU backs reintroduced bipartisan marijuana banking bills
The Secure and Fair Enforcement (SAFE) Banking Act, which would provide greater clarity and legal certainty at the federal level for financial institutions to provide services to marijuana-related businesses (MRBs) in states that have legalized marijuana, was introduced by a bipartisan group of lawmakers in both the House and Senate.
Sens. Jeff Merkley, D-Ore., and Steve Daines, R-Mont., and Reps. Dave Joyce, R-Ohio, and Earl Blumenauer, D-Ore., are the main sponsors of the legislation; S. 1323 has an additional 38 cosponsors in the Senate and H.R. 2891 has eight cosponsors in the House.
NAFCU Vice President of Legislative Affairs Brad Thaler sent letters to Senate Majority Leader Chuck Schumer, D-N.Y., and Minority Leader Mitch McConnell, R-Ky., and House Speaker Kevin McCarthy, R-Calif., and Minority Leader Hakeem Jeffries, D-N.Y., urging the chambers to pass the legislation.
Thaler explained that previously released and rescinded guidance from U.S. attorneys general and the Financial Crimes Enforcement Network (FinCEN) have created uncertainty, as well as “regulatory challenges that compound the uncertainty of providing financial services to state-authorized [MRBs].”
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