Congress returns to Capitol Hill this week with a long list of unresolved issues that could have a direct impact on credit unions—ranging from marijuana banking to credit card interchange policies, reports David Baumann of CUCollaborate.
Congress managed to keep much of the federal government and the National Flood Insurance Program funded before leaving for the campaign trail last week but punted on many major issues—either preferring to consider them in a lame duck session or not at all, reports David Baumann of CUCollaborate.
Despite broad bipartisan support and a desperate need for clarity on the issue, cannabis banking bills are making little headway in the Senate. NCUA board member Rodney Hood has doubts they will make any significant progress soon, Emily Claus reports.
Last week, the House of Representatives passed the National Defense Authorization Act. Emily Claus details what parts of the bill impact credit unions and what changes can be expected.
The House passed marijuana banking legislation for the sixth time, sending it to the Senate, where its fate remains uncertain, reports David Baumann of the Washington Credit Union Daily.
Marijuana banking, not bank access to military bases, may emerge as a major issue for credit unions as the Senate prepares to consider its version of the annual defense authorization bill, reports David Baumann of the Washington Credit Union Daily.
With a Little Help from Our Friends: What Credit Unions Can Do to Prepare for Cannabis Banking Partnerships
As the future of credit unions’ relationship with cannabis businesses lies in the hands of Congress, Stacy Brower details ways for credit unions to prepare for these accounts, should the SAFE Act pass.
NCUA Board member Rodney Hood called on federal banking regulators to begin developing a joint principles-based approach to marijuana banking, reports David Baumann of the Washington CU Daily.
On April 19, 2021, the House officially passed the SAFE Banking Act, which aims to protect financial institutions servicing cannabis accounts. Emily Claus covers the path of the legislation, where it goes from here, and what its odds of success are.