H.R. 1595, Secure and Fair Enforcement (SAFE) Banking Act of 2019
Lead Sponsors: Rep. Earl Perlmutter (D-CO)
Georgia Sponsors: Reps. Hank Johnson (D-4) and David Scott (D-13)
Why We Care: This legislation will create protections for depository institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses. Today if a financial institution provides services they are in violation of federal law even if it is legal in the state in which they do business.
Comments: The SAFE Banking Act of 2019 would offer narrowly targeted federal protections for financial institutions (FIs) accepting deposits, extending credit, or providing payment services to an individual or business engaged in cannabis related commerce in states where such activity is legal with a safe harbor, so long as they are compliant with all other applicable laws and regulations. Furthermore, the SAFE Banking Act provides safe harbor to FIs and their employees who are not aware if their members or customers are involved in this business.
Lead Sponsors: Rep. Lee M. Zeldin (R-NY) and Rep. Gonzalez (D-TX)
Georgia Sponsors: None
Why We Care: This legislation will modernize the FCU Act and will allow the National Credit Union Administration Board flexibility to increase Federal credit union loan maturities, which today is capped at 15 years for loans other than mortgages.
Comments: This is one of the six major CUNA priorities for modernizing the FCU Act during the 116th Congress.
Financial Reporting Threshold Modernization Act H.R. 388
Lead Sponsors: Rep. Barry Loudermilk (R-11)
Why We Care: The bill would update thresholds for certain currency transaction reports and suspicious activity reports. In addition, the bill would update the threshold definition of a money service business.
Comments: The bill is identical to H.R. 6850 from the 115th Congress that Rep. Loudermilk introduced in September of 2018.