House to consider marijuana, NCUA vendor proposals in defense bill

The House agreed on Wednesday to consider proposals to legalize marijuana banking and to give the National Credit Union Administration (NCUA) third-party vendor authority, along with several other amendments that would affect the financial services industry.

The House will debate those proposals as part of its version of the FY23 defense authorization bill, which is now on the floor. Because the defense bill is considered must-pass legislation, lawmakers have attempted to attach many unrelated amendments—making it a “Christmas Tree” measure, as it is known on Capitol Hill.

A rule approved on Wednesday afternoon governing debate on the bill will see the House consider some 650 amendments, many of which may be combined into a single amendment or not be offered at all.

As part of the debate, the House agreed to consider Rep. Ed Perlmutter’s, D-Colo., plan to grant a regulatory safe harbor for credit unions and banks that wish to provide financial services to marijuana-related businesses in states where cannabis is legal. Because marijuana is not legal on the federal level, credit unions and banks could currently face sanctions from federal regulators.

 

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