Finance, Labor Groups Seek Marijuana Banking Reform

Finance, Labor Groups Seek Marijuana Banking Reform

U.S. Senate leadership has received another letter urging that marijuana banking reform be enacted as part of defense legislation — this time from financial associations and labor groups.

The American Bankers Association (ABA), Credit Union National Association (CUNA), United Food and Commercial Workers Union (UFCW) and 11 other organizations sent the letter imploring members to adopt language protecting banks that work with state-legal cannabis businesses in the National Defense Authorization Act (NDAA).

The House has already attached language from the Secure and Fair Enforcement (SAFE) Banking Act in its version of NDAA, and the groups want the Senate to follow the chamber’s lead.

“Our organizations have banded together because the status quo is untenable for workers, communities, ancillary businesses and law-abiding financial institutions,” the new letter states. They added that enacting the banking reform would “also provide legitimate businesses with access to necessary insurance products and protections that are afforded to other businesses.

“SAFE Banking is germane to NDAA because it bolsters national security by keeping bad actors out of the cannabis industry and the financial system while also supporting the thousands of veterans who rely on the cannabis industry for medical treatment, employment, or entrepreneurial opportunities,” the letter continues.

Other signatories include the National Association of Mutual Insurance Companies, the Wholesale & Specialty Insurance Association, the American Land and Title Association, the National Bankers Association, the Electronic Transaction Association and the National Association of REALTORS.

“Time is of the essence. Each day we go without SAFE Banking, workers in cannabis-related businesses, many of whom are veterans, are put in danger due to cash-intensive transactions,” the groups stated. “We understand that creating a true federal regulatory framework for cannabis is a multi-step process. However, we strongly believe that the SAFE Banking Act is a critical first step to ensure that legal cannabis marketplaces are safe, legal, and transparent.”

Read the entire letter to Senate leadership on marijuana banking here

This piece is part of a content-sharing arrangement between The News Station and Marijuana Moment.

Kyle Jaeger is Marijuana Moment's Los Angeles-based associate editor. His work has also appeared in High Times, VICE, etc.

Kyle Jaeger is Marijuana Moment's Los Angeles-based associate editor. His work has also appeared in High Times, VICE, etc.

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