House Passes SAFE Act
The House of Representatives passed the Secure and Fair Enforcement Banking Act (SAFE Act), which would provide some protections to credit unions and other financial institutions that serve state-authorized cannabis related businesses.
Earlier this year, NASCUS Leadership, its Regulator Board and Credit Union Advisory Council, approved a cannabis banking policy that supports federal safe harbor legislation, such as the SAFE Act, that would allow financial institutions to provide financial services to state authorized cannabis businesses and to third-party businesses that serve the cannabis businesses.
“We appreciate the House heeding our call and passing the SAFE Act,” said NASCUS President & CEO Lucy Ito. “It is imperative that credit unions and other financial institutions in the states that have legalized some form of cannabis use, be able to provide financial services to the state-authorized cannabis businesses in their communities. Without access to financial institutions, cannabis businesses would have to operate in cash, which creates public safety issues and fraud risks. While today’s House vote is monumental, the Senate must follow suit to ensure credit unions can serve their members and meet the needs of their communities by providing secure, financial services.”