March 20, 2019

Marijuana banking bill scheduled for markup

Capitol DomeThe House Financial Services Committee next week will markup a bill designed to provide a safe harbor for credit unions and other lenders that serve marijuana-related businesses in states that have legalized the drug.

The markup hearing is set to begin at 2 p.m. Eastern Tuesday, and will also include four other bills.

The marijuana banking bill was introduced by House Financial Services Committee members Ed Perlmutter, D-Colo., and Denny Heck, D-Wash., after the committee held the first-ever congressional hearing on the issue in February. There are more than 100 cosponsors to the legislation.

While NAFCU has not taken a position on the legalization or decriminalization of marijuana, the association does support Congress examining what steps can be taken to provide greater clarity and legal certainty for credit unions operating in this space. 

Currently, serving marijuana-related businesses pose significant compliance risks for credit unions. To help credit unions understand these risks in greater detail, NAFCU has released a resource featuring some pros and cons on the issue.

In addition to the new pros and cons resource, NAFCU has additional information available on its Compliance Blog and has explored the issue in its monthly Compliance Monitor newsletter and bimonthly magazine.