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Legislative Update with Jay Kruse by Jay Kruse, Chief Advocacy Officer Good Morning! The 2021 Summit is less than two weeks away and Silent Auction items and gift card donations for our GAC/Hike the Hill fundraiser continue to pop up on our new ClickBid auction website. Thank you to all of you that have already submitted your donations, we sincerely appreciate your support and assistance in getting your items posted on the website for bidders to check out in anticipation of the event. You can check out a preview of the items and gift cards that have already been submitted as well as register for bidding at https://dakcu.cbo.io. And don’t forget, you can bid on items from your couch or wherever you are, even if you not planning to attend the Summit this year! If anyone needs help submitting your donation or bidding on items, just let me know. SAFE Banking Act Passes House Great news! Monday night, the House was able to pass the CUNA/DakCU supported Secure and Fair Enforcement (SAFE) Banking Act. The SAFE Banking Act received bipartisan support, including yes votes from both of our Dakotas’ Congressmen Kelly Armstrong (R-ND) and Dusty Johnson (R-SD), and passed on a final vote of 321-101. Congressman Armstrong was also one of the cosponsors of the legislation. We appreciate them for understanding that the cannabis activity is expanding in both our states and that there needs to be a way to operate these legal businesses safely. We take no position on legalizing or decriminalizing medicinal or recreational cannabis at either the state or federal level. However, credit unions operating in states where it is legal have members and member businesses involved in the cannabis market who need access to traditional depository and lending services, the absence of which creates a significant public safety issue. The bill would provide protection to credit unions and other financial institutions that serve state legal cannabis-related businesses. Specifically, it would provide a safe harbor for financial institutions accepting deposits from, extending credit, or providing payment services to an individual, or business engaged in legal marijuana-related commerce; and credit unions and their employees who are not aware if their members or customers are involved in such businesses. The SAFE Banking Act was also recently introduced in the Senate by a group of 30 Senators which includes North Dakota Senator Kevin Cramer. The legislation will likely face a more difficult struggle in the Senate, but we are hopeful that with more states continuing to legalize both medical and recreational use of cannabis, we will be able to push it through to the finish line. As always, don’t hesitate to contact me at jkruse@dakcu.org with any questions or comments.
Legislative Update with Jay Kruse
by Jay Kruse, Chief Advocacy Officer
Good Morning!
The 2021 Summit is less than two weeks away and Silent Auction items and gift card donations for our GAC/Hike the Hill fundraiser continue to pop up on our new ClickBid auction website. Thank you to all of you that have already submitted your donations, we sincerely appreciate your support and assistance in getting your items posted on the website for bidders to check out in anticipation of the event.
You can check out a preview of the items and gift cards that have already been submitted as well as register for bidding at https://dakcu.cbo.io. And don’t forget, you can bid on items from your couch or wherever you are, even if you not planning to attend the Summit this year! If anyone needs help submitting your donation or bidding on items, just let me know.
SAFE Banking Act Passes House
Great news! Monday night, the House was able to pass the CUNA/DakCU supported Secure and Fair Enforcement (SAFE) Banking Act. The SAFE Banking Act received bipartisan support, including yes votes from both of our Dakotas’ Congressmen Kelly Armstrong (R-ND) and Dusty Johnson (R-SD), and passed on a final vote of 321-101. Congressman Armstrong was also one of the cosponsors of the legislation. We appreciate them for understanding that the cannabis activity is expanding in both our states and that there needs to be a way to operate these legal businesses safely.
We take no position on legalizing or decriminalizing medicinal or recreational cannabis at either the state or federal level. However, credit unions operating in states where it is legal have members and member businesses involved in the cannabis market who need access to traditional depository and lending services, the absence of which creates a significant public safety issue.
The bill would provide protection to credit unions and other financial institutions that serve state legal cannabis-related businesses. Specifically, it would provide a safe harbor for financial institutions accepting deposits from, extending credit, or providing payment services to an individual, or business engaged in legal marijuana-related commerce; and credit unions and their employees who are not aware if their members or customers are involved in such businesses.
The SAFE Banking Act was also recently introduced in the Senate by a group of 30 Senators which includes North Dakota Senator Kevin Cramer. The legislation will likely face a more difficult struggle in the Senate, but we are hopeful that with more states continuing to legalize both medical and recreational use of cannabis, we will be able to push it through to the finish line.
As always, don’t hesitate to contact me at jkruse@dakcu.org with any questions or comments.