U.S. Capitol building (Image: Shutterstock).
The House Financial Services Committee on March 26 will mark up legislation that would provide credit unions and other financial institutions with a safe harbor from sanctions for doing business with marijuana-related businesses.
Introduced by Democrats Ed Perlmutter of Colorado and Denny Heck of Washington, H.R. 1595 now has 126 Democratic co-sponsors and 12 Republican co-sponsors.
Recommended For You
Perlmutter and Heck have introduced similar legislation in the past but have said that they are more optimistic about passage this year because Democrats now control the House.
Under current law, because cannabis is considered illegal under the federal Controlled Substances Act, financial institutions providing services to licensed marijuana businesses are subject to criminal prosecution or sanctions by their regulators.
As a result, some cannabis-related services, many of which are cash businesses, cannot be provided with traditional banking services.
During the same markup, the Financial Services Committee will consider Chairwoman Maxine Waters's (D-Calif.) legislation to reverse many of the decisions that were made by former Acting CFPB Director Mick Mulvaney.
That bill, H.R. 1500, would, among other things, restrict the reorganization of bureau units, board and offices, limit the hiring of political appointees, ensure that the agency consumer complaint database remains public and formally establish offices of Fair Lending and Equal Opportunity and Students and Young Consumers.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
