FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; firstname.lastname@example.org
Washington, DC (February 8, 2019) – Rachel Pross, Chief Risk Officer at MAPS Credit Union in Salem, Oregon will testify on behalf of Credit Union National Association (CUNA) at a hearing on cannabis banking in the House Financial Services Committee (HFSC), Subcommittee on Consumer Protection and Financial Institutions. The hearing, titled “Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses,” is scheduled to begin at 2 p.m. (ET) on Wednesday, February 13 in room 2128 of the Rayburn House Office Building.
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. The public safety risk continues to grow among credit unions and communities at large due to the lack of access to banking services.
Recent changes in Congress have increased the likelihood of a substantial cannabis banking bill. This is further bolstered by the increase in legalization of recreational and medicinal marijuana use.
The trade group, who advocates on behalf of America’s 115 million credit union members, takes no position on the morality or wisdom of legalizing or decriminalizing medicinal or recreational marijuana at either the state or federal level.
CUNA has written in support of three pieces of cannabis banking legislation that would clarify the ability of financial institutions to serve legal cannabis-based businesses in states where cannabis is legal.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.