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Senators write to SASC to call for SAFE Banking Act to be included in NDAA
Sens. Mark Kelly, D-Ariz., Jacky Rosen, D-Nev., Gary Peters, D-Mich., Kevin Cramer, R-N.D., and Angus King, I-Maine, last week wrote to the Senate Armed Services Committee to call for the inclusion of the NAFCU-backed Secure and Fair Enforcement (SAFE) Banking Act as an amendment in the fiscal year 2022 National Defense Authorization Act (NDAA). The House-passed NDAA includes the SAFE Banking Act; the Senate is expected to consider its version of the NDAA as soon as next week. Once the Senate acts, Congress will need to reconcile the differences between the two bills to come up with a final NDAA package.
"The [SAFE Banking Act] as included in the House-passed NDAA, would allow banks, credit unions, and other financial institutions to offer banking services to legally-operating cannabis businesses without fear of punishment by federal regulators," wrote the Senators.
The association has previously stated that, while there are still areas that need to be addressed when it comes to serving marijuana-related businesses, the legislation "would be an important step towards improving clarity and addressing what is often perceived as misalignment between federal and state laws."
"Allowing cannabis businesses operating legally and in compliance with state law to access financial services without federal reprisal would address public safety and compliance challenges, helping communities reduce cash-motivated crimes," added the Senators.
NAFCU earlier this year updated its Marijuana Banking Issue Brief, where an update on the SAFE Banking Act is included. The bill, which protects depository institutions from adverse actions by regulators, including having their deposit or share insurance terminated or limited, but does not require depository institutions to provide financial services to MRBs, has previously passed the House as a standalone legislation.
NAFCU will continue to keep credit unions updated of legislative and regulatory changes that could impact their operating environment.