CUNA/League-System Witness to Testify before Senate Banking Committee July 23

Rachel Pross, chief risk officer at Maps CU in Salem, Oregon 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. 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.

Eighteen state and two territorial governors added their names to a letter urging Congress to pass legislation to enable financial institutions to provide banking services to state-licensed cannabis businesses. Gov. Phil Murphy was among the twenty signatories on the letter sent to U.S. Senate and U.S. House leadership, and the chairs and ranking members of the Senate Banking and House Financial Service committees. 

NJ Attorney General Gurbir Grewal and NJ Commissioner of Banking & Insurance Marlene Caride and NJ State Treasurer Elizabeth Maher Muoio have also added their names to colleague letters sent to Congress.

 The House version of the SAFE Banking currently has 206 cosponsors including eight from New Jersey, Reps. Donald Norcross (D-1), Jeff Van Drew (D-2), Tom Malinowski (D-7), Bill Pascrell, Jr. (D-9), Albio Sires (D-9), Donald Payne, Jr. (D-10), Mikie Sherrill (D-11) and Bonnie Watson Coleman (D-12). The Senate bill has 30 cosponsors including Sen. Bob Menendez (D-NJ).