Removing Barriers Blog

CUNA Writes in Support of the STATES Act
Posted April 05, 2019 by CUNA Advocacy

CUNA wrote to both the House and Senate in support of Strengthening the Tenth Amendment Through Entrusting States (STATES) Act of 2019. If enacted, this legislation would clarify the federal treatment of marijuana where it is legal and permit credit unions in those states to serve members’ related needs. The STATES Act of 2019 was introduced by Senators Elizabeth Warren (D-MA) and Cory Gardner (R-CO) in the Senate and Representatives Earl Blumenauer (D-OR) and Dave Joyce (R-OH).

“The STATES Act would provide credit unions and other financial institutions accepting deposits from, extending credit or providing payment services to an individual or business engaged in marijuana-related commerce in states where such activity is legal with legal protections, so long as they are compliant with all other applicable laws and regulations,” the letter reads. “Furthermore, the legislation makes clear that compliant financial transactions do not constitute trafficking or result in proceeds of an unlawful transaction, providing additional clarity to credit unions and the members they serve.

While CUNA takes no position on legalizing or decriminalizing cannabis, credit unions in states where it is legal have members and member businesses that need access to financial services.