CUNA Witness to Appear Before HFSC Subcommittee Today

CUNA witness Rachel Pross will talk about the challenges facing legal cannabis-based businesses and financial institutions in those communities Wednesday before the House Financial Services subcommittee (HFSC) on consumer protection and financial institutions. The hearing is scheduled to begin at 2 p.m., and live video will be streamed on the committee’s Web site.

Pross, the chief risk officer for Maps Credit Union, Salem, Ore., will testify on CUNA’s behalf in a hearing titled “Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses.”

Medicinal use of cannabis was approved by Oregon voters in 1998, and the first recreational sales in the state began in 2015. According to Pross, Maps CU has served legal cannabis-based businesses in the state since 2014.

CUNA supports the ability of credit unions to serve cannabis-based businesses in states where it is legal but does not have a position on legalization or decriminalization of marijuana.

CUNA previously backed three bills that would clarify the ability of financial institutions to serve legal cannabis businesses, and also supported an amendment to a Senate bill that would have included language saying the same.