Financial trade groups urge Congress to include SAFE Act in NDAA

The American Bankers Association joined the Independent Community Bankers of America, the Credit Union National Association and National Association of Federally Insured Credit Unions in a letter to House leaders urging them to include the SAFE Banking Act as an amendment to the 2023 National Defense Authorization Act. The SAFE Banking Act—a bill long advocated by ABA—would enable financial institutions to serve legitimate cannabis businesses in states where it is legal.

“The SAFE Banking Act puts in place necessary protections to bring revenue from state-sanctioned cannabis businesses into the financial services mainstream,” the groups said. “Legal cannabis businesses would no longer be forced to deal exclusively in cash, which makes them vulnerable to violent robbery and puts customers, employees, and the public at risk.”