Removing Barriers Blog

Maps CU Chief Risk Officer to testify before Senate Banking Committee on Cannabis Banking
Posted July 17, 2019 by CUNA Advocacy

Rachel Pross, Chief Risk Officer at Maps Credit Union in Salem, Oregon, will testify on behalf of the CUNA/League System 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 on the Committee's website.

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 H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking Act, 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.