Ahead of tomorrow’s markup of the Secure and Fair Enforcement Regulation (SAFER) Banking Act, NAFCU sent a letter to the Senate Banking Committee highlighting some potential revisions to the bill to provide greater clarity and certainty to credit unions and other financial institutions looking to provide services to marijuana-related businesses (MRBs) in states that have legalized marijuana.
NAFCU has consistently called on lawmakers to provide credit unions with legal clarity and certainty for serving MRBs, noting that credit unions have been “hesitant to provide financial services to these members and their small businesses” given marijuana’s Schedule I classification. The association does not have and will not take a position on the broader question of marijuana legalization or decriminalization.
In the letter, NAFCU Vice President of Legislative Affairs Brad Thaler outlined concerns in section 10 of the bill, which is related to federal banking regulators’ authorities.
“NAFCU supports the intent of this bill, but we are concerned that the new language in the base text could be read to dramatically increase regulators’ authorities and discretion, which could have a significant impact on credit unions,” Thaler wrote. Some of the concerning provisions highlighted could:
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