Rachel Pross, Chief Risk Officer at Maps Credit Union, Salem, Ore., will testify on CUNA’s behalf before the Senate Banking Committee Tuesday during a hearing titled “Challenges for Cannabis and Banking: Outside Perspectives.”
CUNA supports the ability of credit unions to serve cannabis-based businesses in states where it is legal but does not have a position on legalization or decriminalization of marijuana. 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.
Pross testified before the House Financial Services Committee in February about the need for Congressional clarity on this matter.
Last week, Fox Business published an op-ed co-authored by CUNA President/CEO Jim Nussle on the need for a solution caused by this discrepancy in state and federal laws.
In March, the House Financial Services Committee passed the CUNA-supported Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595) with a bipartisan vote of 45-15. The bill would provide a safe harbor for financial institutions serving legal cannabis-related businesses.