House Passes Cannabis-Banking Bill

The credit union system has been urging Congress to take action on banking options for businesses operating in the legal cannabis industry.

The House voted 321-103 to pass the Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595) Wednesday.

The historic vote comes months after collaborating with CUNA, the American Association of Credit Union Leagues (AACUL) and state credit union associations across the country, the MD|DC Credit Union Association led efforts to send a letter to Congress requesting hearings.

While CUNA, AACUL and the Leagues take no position on the legalization or decriminalization of cannabis, the organizations fully support allowing credit unions to serve those businesses in states where it is legal. Many cannabis businesses end up “unbanked” and operating largely in cash, making them targets for robberies and other crimes.

Senate Banking Committee Chairman Mike Crapo has promised to hold a vote this fall on whether to recommend this legislation to the full Senate.