CUNA wrote in support of three bills Tuesday that would clarify the ability of financial institutions to serve cannabis-based businesses in states where it is legal. While CUNA does not have a position on legalizing or decriminalizing marijuana, it supports the ability of credit unions to serve member businesses when legal.
"CUNA supports credit unions’ ability to serve their members. In states where cannabis is legal for medicinal and recreational purposes, credit union members are engaged in this market but have difficulty accessing traditional banking services," said CUNA Chief Advocacy Officer Ryan Donovan. "It is also possible that credit unions in states where cannabis is not legal are, without their knowledge, serving members engaged in this market.
"No matter one’s view on whether cannabis should be legal, the fact of the matter is that the treatment many states is changing rapidly, and the disparity between state and federal law presents a problem for the market and for credit unions," he added. "The risk for credit unions is that many are knowingly and unknowingly serving cannabis businesses without sufficient safe harbor to do so. The risk for communities is that these businesses operate on cash because they lack access to banking services. These bills would address these issues, and they are consistent with CUNA’s policy to support credit unions providing services to members engaged in activity that is legal at the state level. We look forward to working with the sponsors to secure their passage.
Specifically, CUNA wrote in support of: