Cannabis Banking: Senate Banking Hearing to Feature CUNA Rep.
FOR IMMEDIATE RELEASE
July 16, 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, “Challenges for Cannabis and Banking: Outside Perspectives,” in the Senate Banking Committee. The hearing is scheduled to begin at July 23, 2019 on 10:00am EST.
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.
House lawmakers have introduced the 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 legislation would get cash off the streets and allow financial institutions to provide federal money laundering oversight.
Ms. Pross previously testified before the House Financial Services Committee in February 2019 about the need for Congressional clarity on this matter. The Committee has since reported H.R. 1595 favorably.
The trade group, which 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.
*Ms. Pross will be available for interviews in advance of and following the hearing. Please contact us should you be interested in speaking with her.
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.