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Home » CUNA/League system to testify before Senate Banking Committee
Policy & Issues

CUNA/League system to testify before Senate Banking Committee

July 23, 2019

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.

  • Learn more about how Maps and other credit unions are serving cannabis businesses
  • Listen to a CUNA News Podcast interview with James Collins about how Obee Credit Union serves cannabis businesses

 

KEYWORDS cannabis banking Senate Banking Committee
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Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

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