Removing Barriers Blog

Introduced: Secure & Fair Enforcement Banking Act (SAFE Banking Act)
Posted March 19, 2021 by CUNA Advocacy

Earlier this week, Representatives Ed Perlmutter (D-CO), Steve Stivers (R-OH), Nydia Velázquez (D-NY), and Warren Davidson (R-OH) reintroduced the CUNA-backed Secure and Fair Enforcement (SAFE) Banking Act.  If enacted, this legislation would provide protections for financial institutions serving cannabis-based businesses where it is legal.  Specifically, the SAFE Banking Act 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.

It also provides safe harbor to credit unions and their employees who are not aware if their members or customers are involved in such businesses. 

CUNA wrote to the bill's cosponsors in support for the bill shortly after it was introduced.

The bill passed the House in 2019 in a historic vote, and CUNA testified before both House and Senate committees in support.