FOR IMMEDIATE RELEASE
December 18, 2019
Credit Union National Association (CUNA) responds to Chairman Crapo's concerns with Cannabis Banking Legislation
“We appreciate Chairman Crapo sharing his concerns with the cannabis banking policy landscape,” said Ryan Donovan, CUNA Chief Advocacy Officer. “America’s credit unions are eager to continue engaging with the Chairman as he seeks a solution that enhances community safety through access to mainstream financial services.”
- Credit Union National Association (CUNA) Chief Advocacy Officer, Ryan Donovan
Senate Banking Committee Chairman Mike Crapo (R-Idaho) today requested public feedback on ways to address public health and money laundering concerns with cannabis banking.
CUNA has supported the SAFE Banking Act since it was first introduced in the House in March and was the first financial trade organization to testify before Congress on the issue. In hearings in the House Financial Services Committee and Senate Banking Committee, Chief Risk Officer Rachel Pross of Maps Credit Union in Salem, Oregon emphasized that with no access to the financial system, cannabis businesses are forced to deal in cash only, creating a public safety hazard in the communities served by these businesses.
The SAFE Banking Act would help ensure access for state-sanctioned businesses in the mainstream financial system. Credit unions that choose to provide cannabis banking use rigorous screening and compliance protocols to appropriately monitor and maintain high-risk accounts.
CUNA, state Leagues and credit unions have been on the front line advocating for legal clarity between state and federal laws to protect financial institutions that deal with legal businesses, both directly and indirectly. CUNA has consistently called on Congress to pass legislation that would protect law-abiding financial institutions and ancillary businesses from their currently untenable position and address increasing public safety concerns.
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.