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Ahead of the House Financial Services Committee markup today, NAFCU Vice President of Legislative Affairs Brad Thaler outlined the association's support for "Congress examining what legislative steps can be taken to provide greater clarity and legal certainty at the federal level for credit unions" that service marijuana-related businesses in states where the drug has been legalized.

Today's markup includes a bill designed to provide a safe harbor for credit unions and other lenders that serve marijuana-related businesses in states that have legalized the drug. The bill was introduced by House Financial Services Committee members Ed Perlmutter, D-Colo., Denny Heck, D-Wash., Steve Stivers, R-Ohio, and Warren Davidson, R-Ohio, after the committee held the first-ever congressional hearing on the issue in February. There are more than 100 cosponsors to the legislation.

Thaler reiterated that NAFCU has not taken a position on the legalization or decriminalization of marijuana and said there are still complexities in the bill that should be examined as it moves through the legislative process.

"While not a total solution, a strong safe harbor for financial institutions that wish to serve such businesses would be one step towards improving clarity and addressing what is often perceived as misalignment between federal and state laws," Thaler said.

Currently, serving marijuana-related businesses pose significant compliance risks for credit unions. To help credit unions understand these risks in greater detail, NAFCU has released a resource featuring some pros and cons on the issue.

In addition to the pros and cons resource, NAFCU has additional information available on its Compliance Blog and has explored the issue in its monthly Compliance Monitor newsletter and bimonthly magazine.