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Gallman Co-signs Letter to Senate Banking Committee Urging 'Safe Harbor' for Cannabis Banking

Published: Jun 12, 2019

LCUL President/CEO Bob Gallman, along with CUNA President/CEO Jim Nussle and other CEOs from state credit union leagues, penned a letter calling on the Senate Banking, Housing and Urban Affairs Committee to conduct hearings on cannabis banking. The letter was addressed to committee Chairman Mike Crapo, R-Idaho, and Ranking Member Sherrod Brown, D-Ohio.
 
In the letter, the CEOs explained that 34 states, including Washington, D.C., have medical cannabis programs, and that 10 states currently have recreational cannabis programs. "The businesses that serve these jurisdictions are thriving and are expected to continue to grow at a fast pace," they wrote. "Although this industry seems to have reached critical mass for future operation, the legislative and regulatory frameworks have not kept pace. A discussion of proposed resolutions to these issues is warranted."
 
The executives noted the lack of legal and regulatory guidance on banking for legitimate pot banking business has created a dangerous and costly environment for all involved since many now operate on a cash basis. To tackle the issue, the CEOs urged Congress to advance the Secure and Fair Enforcement Banking Act, commonly referred to as the SAFE Banking Act.