Credit Union National Association (CUNA) officials said the organization is backing three proposed bills designed to define institutions’ ability to serve legalized cannabis-based businesses.
The CUNA is lending support to the Strengthening of the Tenth Amendment Through Entrusting States (STATES) Act, which would allow credit unions and other financial institutions to accept deposits, extend credit, provide payment services to members and businesses engaged in legal marijuana-related commerce. It is also supporting the Secure and Fair Enforcement (SAFE) Banking Act of 2017, which provides a safe harbor to credit unions and other financial institutions involved in marijuana-related commerce as well as the Senate SAFE Banking Act, which puts several prohibitions in place for federal banking regulators.
“CUNA supports credit unions’ ability to serve their members,” Ryan Donovan, CUNA chief advocacy officer, said. “In states where cannabis is legal for medicinal and recreational purposes, credit union members are engaged in this market but have difficulty accessing traditional banking services. It is also possible that credit unions in states where cannabis is not legal are, without their knowledge, serving members engaged in this market.”
Donovan said the bills would address businesses having access to traditional depository and lending services safely and affordably and are consistent with CUNA’s policy to support credit unions providing services to members engaged in activity that is legal at the state level.