U.S. Capital Building in Washington D.C. (Image: Shutterstock).
An Oregon credit union official whose institution made the decision to work with cannabis-related businesses in 2014, will testify Wednesday at a House subcommittee hearing on the challenges financial institutions face in serving those businesses.
Rachel Pross, chief risk officer at MAPS Credit Union in Salem, Ore., will testify at a House Consumer Protection and Financial Institutions hearing, slated to begin at 2 p.m.
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She will be testifying on behalf of CUNA, which has endorsed legislation to make it safer for credit unions to serve marijuana-related businesses.
Pross said at last year's CUNA Governmental Affairs Conference, that MAPS, with $744 million in assets, was intent on providing community safety and serving the underserved, while maintaining a robust compliance program.
For the past several years, Reps. Denny Heck (D-Wa.) and Ed Perlmutter (D-Colo.) have sponsored legislation to ease the way for marijuana-related businesses to obtain banking services.
The legislation, as introduced in past Congresses, would have provided financial institutions, including credit unions with a safe harbor if they provided services to a licensed and legal cannabis-related business.
Financial regulators could not take action against institutions that provide those services, under the bill.
Heck is a member of the subcommittee and Perlmutter is a member of the full House Financial Services Committee.
Lawmakers on both sides of Capitol Hill have tried to attach that type of language to several bills in the past, but have failed.
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