House passes bill with marijuana banking, NCUA vendor authority

by David Baumann, CUCollaborate

While the House last week passed an FY23 defense authorization bill that includes marijuana banking and several other financial services provisions, it remains unclear if the Senate will accept any of them or if they will survive in conference.

The House last week slogged through the massive defense bill—considering hundreds of amendments, many of which were accepted en bloc, with little or no debate. The Senate Armed Services Committee has not yet released the text of its bill and it is unclear when it will go to the Senate floor.

Marijuana Banking

The bill once again includes Rep. Ed Perlmutter’s, D-Colo., amendment that would provide credit unions and banks with a regulatory safe harbor if they serve marijuana-related businesses in states where cannabis is legal.

Perlmutter last year succeeded in getting the marijuana banking plan in the FY22 defense bill, but the Senate did not accept it in conference. Senate Majority Leader Charles Schumer, D-N.Y., has said he wants to consider marijuana banking as part of a more comprehensive cannabis measure.

 

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