Pass plan now to easily allow CUs to accept marijuana business: CUNA

The legislation would enable CUs to accept deposits, extend credit and provide payment services to marijuana-related businesses.

CUNA is pushing Congress to protect credit unions when they do business with marijuana-related businesses and would like the Senate to attach that provision to the criminal justice overhaul bill now on the Senate floor.

If the Senate fails to attach it to that fast-moving measure, CUNA asked Senate leaders to pass such legislation as quickly as possible.

“Right now, the communities in which cannabis businesses operate and the credit unions and other financial institutions that are trying to serve these businesses face a number of risks – some of which are known, others which are unknown, but all which can be mitigated through legislation that provides a safe harbor to bank these businesses,” said CUNA Chief Advocacy Officer Ryan Donovan. “If not through this legislation, we hope Congress will act on this matter as soon as possible.”

The Senate on Monday invoked cloture on the criminal justice bill, which would revise several federal criminal sentencing laws. Supporters of the measure consider the bill to be a fragile compromise and want to fight off many amendments that have been filed. The Senate is expected to vote on the bill this week and send it to the House, where supporters hope to pass it and send it to President Trump.

 

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