A group of financial trade organizations recently expressed support of the Secure and Fair Enforcement (SAFE) Banking Act of 2019, which will soon be under House of Representatives consideration.
The American Bankers Association (ABA), Credit Union National Association (CUNA), Independent Community Bankers of America (ICBA) and National Bankers Association (NBA) recently forwarded correspondence to the House Financial Services Committee regarding the measure.
“The House Financial Services Committee has held substantive hearings on H.R. 1595 and worked cooperatively to solve the practical problems caused by the disparate treatment of cannabis under federal and state laws,” the organization’s wrote. “Although we do not take a position on the legalization of marijuana, our members are committed to serving the financial needs of their communities – including those that have voted to legalize cannabis. The current threat of criminal and civil liability under federal law is suppressing the provision of vital financial services in the thirty-three states that have legalized cannabis in some form.”
The organizations maintain the SAFE Banking Act of 2019 provides a mechanism for the cannabis industry and service providers to deposit their cash in regulated financial institutions – allowing members to meet the needs of their communities and aid those communities in reducing cash-motivated crimes, increasing tax collection efficiency and improving the financial transparency of the cannabis industry.