New York Credit Union Association President/CEO William J. Mellin wrote to New York’s congressional delegation commending them for voting to pass the Secure and Fair Enforcement Act, commonly referred to as the SAFE Banking Act. The legislation, H.R. 1595, would provide financial institutions with a safe harbor for providing services to marijuana-related businesses in states where the substance is legal.
The letters were sent individually to the offices of all 27 House members from New York.
“On behalf of the approximately 340 credit unions in New York State and the nearly 6 million members they serve, their families, and their communities, we thank you for voting… to provide legal protections to financial institutions serving state-legalized cannabis-based businesses under the SAFE Banking Act,” wrote Mellin. “Wednesday’s historic vote puts us one step closer to addressing the serious public safety issue caused by legal cannabis businesses’ current lack of access to financial services. Our credit union members throughout New York watched this vote closely, and look forward to continuing the work necessary to get this over the finish line.”
As previously reported, every U.S. House member from New York voted in support of the legislation just one day after New York credit union professionals were on Capitol Hill advocating for its passage.