Removing Barriers Blog

House passes SAFE Banking Act
Posted April 19, 2021 by CUNA Advocacy

The House passed the CUNA-supported Secure and Fair Enforcement (SAFE) Banking Act Monday in a bipartisan 321-101 vote. The bill would provide protections to financial institutions that serve state legal cannabis-based businesses. Prior to the vote, CUNA wrote to Speaker Pelosi and Leader McCarthy in support of the SAFE Banking Act.

“This historic, bipartisan legislation will address a public safety issue facing consumers, businesses, and financial institutions around the country,” said CUNA President/CEO Jim Nussle. “We appreciate the House passing this bill and urge the Senate will move forward in similar fashion. We will continue to engage with them going forward to get this bill across the finish line.”

The SAFE Banking Act was introduced by Reps. Ed Perlmutter, Steve Stivers, Nydia Velázquez, and Warren Davidson.

Specifically, it would provide a safe harbor for:

  • Financial institutions accepting deposits from, extending credit, or providing payment services to an individual, or business engaged in legal marijuana-related commerce; and
  • Credit unions and their employees who are not aware if their members or customers are involved in such businesses.

The SAFE Banking Act was also introduced last month in the Senate by a group of 30 Senators.