CUT: Senate Banking Committee taking first step, to Hold Marijuana Banking Hearing, Jul 23

The Credit Union Times (CUT) reported that Senate Banking Chairman Mike Crapo (R-Id.) agreed to hold a hearing on marijuana banking legislation, July 23.

The hearing will take place at 10:00 am, EDT, and will be available by live video.

The CUT reported went on to say that Rachel Pross, chief risk officer at MAPS Credit Union in Salem. Ore. will testify on behalf of CUNA. Pross’s credit union has provided financial services to cannabis businesses in Oregon. In addition, Sens. Jeff Merkley (D-Ore.) and Cory Gardner (R-Colo.) will testify at the hearing. The two senators are cosponsors of legislation that would provide a safe harbor for banks and credit unions that do business with marijuana-related businesses in states where marijuana is legal.

The House Financial Services Committee has approved a companion bill sponsored by Reps. Ed Perlmutter (D-Colo.) and Denny Heck (D-Wash.). However, the full House has not considered the legislation. 

CUNA has endorsed that legislation. NAFCU has said the issue should be resolved but has not endorsed any bill.

Click here Tuesday, July 23, 2019, 10:00 am, EDT, for live video of this hearing.