Association Attends Senate Hearing to Examine Challenges in Cannabis Banking

Rachel Pross, Chief Risk Officer at Maps CU, Salem, Ore.,  represented credit unions, Leagues and CUNA at the Senate Banking Committee hearing on Tuesday.

The hearing was intended to gather information on how to effectively and appropriately provide banking access for people involved in the cannabis industry. One vehicle to provide banking access for the cannabis industry The SAFE Banking Act is currently proceeding through the legislative process. 

This bill would: offer narrowly targeted federal protections for credit unions and other financial institutions accepting deposits, extending credit, or providing payment services to an individual or business engaged in cannabis-related commerce in states where such activity is legal with a safe harbor, so long as they are compliant with all other applicable laws and regulations; and provide safe harbor to credit unions and their employees who are not aware if their members or customers are involved in this business.