CUNA, Bankers Renew Call for Marijuana Banking Bill
With Congress expected to being the holiday break at the end of the week, it appears marijuana banking legislation isn't happening this year.
A coalition of financial trade groups is renewing its push to convince the Senate Banking Committee to consider legislation to give a safe harbor for providing services to marijuana-related businesses.
Senate committee members had indicated earlier this year that they were somewhat optimistic that the panel would consider that legislation by then end of the year. The House already has passed the legislation.
However, with Congress hoping to leave town by the end of the week, it has become clear that the informal deadline will slip.
Last week, the coalition, which includes CUNA, the American Bankers Association, the National Association of Realtors and the Council of Insurance Agent and Brokers urged the Senate committee to approve the bill.
“A safe harbor will enable law enforcement and states to effectively monitor and regulate businesses while simultaneously bringing billions into the regulated banking sector,” the coalition said, in a letter.
They added that while creating a total federal regulatory regime is a “multi-step process,” the banking legislation is a critical first step.
Senate Banking Chairman Mike Crapo (R-Id.) has indicated that he has some concerns with the House-passed bill and has left open the possibility of adding provisions, which would require the two legislative bodies to the resolve the differences between the measure.
NAFCU has steadfastly declined to take a position on whether marijuana banking legislation should be enacted and simply has said that Congress should consider such a measure.