National Association of Federally-Insured Credit Unions (NAFCU) Board Member Rodney Hood recently advocated cannabis banking normalization within the financial services industry during an Emerging Markets Coalition (EMC) event.
Hood served as the Out of the Weeds (OOTW) keynote speaker, maintaining marijuana-related businesses (MRBs) possess the ability to stimulate the nation’s economy, with credit unions aiding the growth.
Hood expressed the need for Congress to take definitive action regarding the matter. He acknowledged that, while the House of Representative’s advancement of the Secure and Fair Enforcement (SAFE) Banking Act represents a positive step, action, in general, has been too slow. He said the NCUA is working to help normalize marijuana banking.
In February, NAFCO Vice President of Legislative Affairs Brad Thaler forwarded correspondence to Congress offering support for including the SAFE Banking Act as an amendment to the America COMPETES Act.
“NAFCU does not have, and is not taking, a position on the broader question of the legalization or decriminalization of marijuana at any degree at the federal or state level,” Thaler wrote. “However, we do support Congress taking the steps found in the SAFE Banking Act of 2022 to provide greater clarity and legal certainty at the federal level for credit unions that choose to provide financial services to state-authorized MRBs (marijuana-related businesses) and ancillary businesses that may serve those businesses in states where such activity is legal.”