Marijuana Banking Lobbyist Optimistic: Onsite at NAFCU Congressional Caucus
There is a good chance Congress will approve a "safe harbor" measure protecting banks and credit unions doing business with the pot industry.
Speaking at NAFCU’s Congressional Caucus, Dansky, a lobbyist pushing the safe harbor bill, said she expects the House to consider the legislation within the next few weeks.
The House Financial Services Committee has approved legislation to provide the safe harbor, but the Senate Banking Committee has not acted on companion legislation.
Dansky said that while Senate passage is less certain, Banking Committee Chairman Mike Crapo (R-Id.) recently has sounded more positive about the measure.
While CUNA and the American Bankers Association have endorsed legislation to provide banks and credit unions with the safe harbor, NAFCU has not taken a position on it.
Dansky said that states continue to consider marijuana legalization, but banking remains a serious concern for a business that had some $10.4 billion in transactions last year.
However, Garth Van Meter, director of legislative affairs at Smart Approaches to Marijuana said that the banking issue cannot be separated from the public health hazards that widespread marijuana poses.
He said making it easier for marijuana businesses to obtain financial services could amount to pouring gasoline on a fire.
The NCUA recently issued preliminary guidance for credit unions providing services to the hemp industry.
Tim Moore, general counsel for the Allegacy Federal Credit Union, said his credit union provides services to the hemp industry in North Carolina. He said the hemp guidance has been helpful, adding that any credit union deciding to do business with hemp firms must be prepared for increased compliance costs.
Dansky said there is widespread confusion about the difference between marijuana and hemp.
Moore agreed, but added, “You wear hemp. You smoke pot.”