Financial industry associations weighed in with public support for a bill legalizing banking services for cannabis business in states where they are legal.

The Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595) passed the House of Representatives on a bipartisan 321-103 vote Sept. 25, to applause from the Credit Union National Association, the American Bankers Association and the American Land Title Association.

"This bill is a solution to a problem that affects consumers, businesses and financial institutions around the country," said CUNA CEO Jim Nussle, saying it wouldn't have happened without his group's support. Rachel Pross, chief risk officer at Maps Credit Union in Oregon, testified for CUNA on behalf of the bill before the House Financial Services Committee in February and before the Senate Banking Committee in July.

"By helping to provide clarity for the financial sector in those states where cannabis is legal, this bill will help banks meet the needs of their communities while reducing cash-motivated crimes, increasing the efficiency of tax collections and improving the cannabis industry's financial accountability," ABA CEO Rob Nichols said.

"This landmark bill will hopefully provide state authorized cannabis entities access to banking services and title companies the ability to safely insure and facilitate the purchase and lease of real estate that could be used in growing, storing or selling of marijuana," said ALTA CEO Diane Tomb.

MORE CEO DATELINE

• GMA rebrand emphasizes consumer connection
• Exhibitions association to launch Abu Dhabi conference
• Plastics association loses another member amid environmentalist pressure
• NAM intervenes in case against Grocery Manufacturers Association
• Report: U.S. Chamber to form climate change task force