U.S. Capitol steps. (Source: Shutterstock)
Although Senate Banking Chairman Mike Crapo (R-Id.) has expressed concern about marijuana banking legislation, he has agreed to hold a hearing on the issue on July 23.
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.
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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.
"NAFCU has not endorsed a specific legislative proposal, but we do support Congress examining what legislative steps can be taken to provide greater flexibility and legal certainty at the federal level" for credit unions that choose to do business with cannabis-related firms.
Marijuana is illegal under federal law, although many states have legalized the cannabis in some form.
Banks and credit unions that do business with marijuana companies risk being sanctioned by their federal regulator.
Crapo earlier this year expressed concern about any marijuana legislation, citing the conflict between criminal law and financial law.
The Perlmutter and Heck bill has 206 cosponsors in the House. The companion Senate bill has 31 cosponsors.
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