CUNA/League system witness to testify before Senate Banking Cmte July 23

July 16, 2019

Rachel Pross, chief risk officer at Maps Credit Union in Salem, Ore., will testify on behalf of CUNA at a hearing on cannabis banking conducted by the Senate Banking Committee. The hearing is scheduled for Tuesday, July 23, starting at 10:00 a.m. (ET) and will be streamed live.

CUNA supports credit unions’ ability to serve their members but takes no position on legalizing or decriminalizing cannabis. 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.

Her testimony included support for the Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595), a bill that would allow credit unions and banks to serve legal cannabis businesses and the ancillary businesses that serve them.

The SAFE Banking Act passed the House Financial Services Committee in March with a bipartisan 45-15 vote.