#2021-36, November 12, 2021

Federal Court Issues Stay of Vaccine Mandate

On Saturday, a federal appeals court issued an administrative stay of enforcement of the emergency temporary standard (ETS) released last week that requires all employers with 100 or more employees to be fully vaccinated or test weekly for COVID-19.  The court’s stay was issued in response to a legal challenge filed by several governors and private entities.

As we reported in the last Washington Update, the ETS mandates that employees of covered firms would have until January 4, 2022 to receive the vaccine or be required to produce a negative test on “at least a weekly basis.”  Challenges to the standard have been brought in at least five federal appellate courts.  As the litigation moves through the court system, member banks may wish to consider the resources they expend at this time to develop a program consistent with the ETS.  We will continue to inform members of any updates on the status of the litigation.

Bipartisan Group of Governors, Including Gov. Baker, Ask Congress to Include SAFE Banking Act in NDAA

This week, a bipartisan group of 24 governors, including Massachusetts Governor Charlie Baker (R) sent a letter to Congress asking that the SAFE Banking Act, which allows financial institutions to serve legitimate cannabis businesses, be included in the National Defense Authorization Act.  The letter notes that the bill has “more bipartisan support than ever before.”

The SAFE Banking Act, which MBA strongly supports, passed the House in the last Congress but was not taken up in the Senate.  The measure provides a safe harbor for depository institutions serving cannabis businesses in states where such activity is legal, including Massachusetts.  The Association appreciates Governor Baker’s support of this important legislation.

To read the letter, click here.

Quarles Announces Resignation from Fed Board

On Monday, Federal Reserve Governor Randal Quarles announced that he is resigning from the Board of Governors at the end of December. Quarles has been a member of the board since 2017 and served as the board's first vice chair for supervision. His four-year term in that position ended last month. He also chairs the Financial Stability Board, and his three-year term there ends on December 2, 2021.

To read more, click here.