REGULATING AGENCY: California Department of Financial Protection and Innovation; Office of Credit Unions
- Manuel Alvarez, Commissioner
- Edgar Gill, Senior Deputy Commissioner
- Joni Kimbrell, Chief Examiner for the Office of Credit Unions
- Website: dfpi.ca.gov/credit-unions
- Publications & Reports
LEAGUE: California Credit Union League
STATS: (As of Dec 2020)
- TOTAL # SCUs: 121
- TOTAL # FCUs: 168
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 42% of 289 CA CUs
- TOTAL $ SCU ASSETS: $141,592,096,767
- TOTAL $ FCU ASSETS: $110,009,842,053
- TOTAL ASSETS: $251,601,938,820
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 56%
FUN FACT: Inyo National Forest is home to the bristle cone pine, the oldest living species. Some of the gnarled trees are thought to be over 4,600 years old.
March 18, 2021 — On Thursday, Rep. Ed Perlmutter (D-CO) reintroduced his landmark legislation to reform federal cannabis laws. The bipartisan Secure and Fair Enforcement (SAFE) Banking Act of 2021 (supported by the California and Nevada Credit Union Leagues and co-sponsored by more than 100 members of Congress) would allow marijuana-related businesses in states with some form of legalized marijuana and strict regulatory structures to access the banking system.
Forty-seven states, four U.S. territories, and the District of Columbia (representing 97.7 percent of the U.S. population) have legalized some form of recreational or medical marijuana, including CBD, according to a news release from Perlmutter’s office. Yet current law restricts legitimate licensed marijuana businesses from accessing banking services and products, such as depository and checking accounts, resulting in businesses operating in all cash.
In the 116th Congress, 206 members cosponsored the SAFE Banking Act and it passed the U.S. House in a broad bipartisan vote of 321 to 103, with 91 republicans and one independent voting in support. The bill also passed as part of the Heroes Act, an earlier COVID-19 relief package which was approved by the House on two separate occasions. In February 2019, the SAFE Banking Act prompted the first-ever congressional hearing on the issue of cannabis banking.
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