Major Financial Institutions Push House To Approve Marijuana Banking In Defense Bill

Major Financial Institutions Push House To Approve Marijuana Banking In Defense Bill
MJ moment

A coalition of financial associations on Wednesday sent a letter to House leadership, imploring lawmakers to approve an amendment to protect banks that work with-state legal marijuana businesses as part of a large-scale defense bill. The letter comes from the Americans Bankers Association (ABA), Credit Union National Association (CUNA), Independent Community bankers of America (ICBA) and National Association of Federally-Insured Credit Unions. Rep. Ed Perlmutter’s (D-CO) cannabis banking amendment to the National Defense Authorization Act (NDAA) was made in order during a House Rules Committee meeting on Wednesday, with the congressman insisting that the legislation would be an appropriate vehicle for the bipartisan Secure and Fair Enforcement (SAFE) Banking Act. ICBA and other groups today are calling on the House to include a cannabis banking safe harbor in the fiscal 2023 National Defense Authorization Act (H.R. 7900). https://t.co/gcdC6x9Jvs — Independent Community Bankers of America (@ICBA) July 13, 2022 Leadership on the panel evidently agreed, and now the proposal is set to receive a vote on the House floor on Wednesday. “We take no position on legalizing or decriminalizing medicinal or recreational cannabis at either the state or federal level,” the financial organizations wrote in the new letter. “However, financial institutions operating in states where it is legal have business and individuals involved in the cannabis market who need access to traditional depository and lending services, the absence of which creates a significant public safety issue.” “Additionally, even those financial institutions that choose not to bank the cannabis industry risk unknowingly serving cannabis businesses in states where cannabis is legal. Indirect connections are often difficult to identify and avoid because, like any other industry, those offering cannabis-related services work with vendors and suppliers. Under current law, a financial institution that does business with any one of these indirectly affiliated entities could…

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Source : Major Financial Institutions Push House To Approve Marijuana Banking In Defense Bill

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