ARLINGTON, Va.–A hearing before the House later this week on financial institutions serving marijuana-related businesses will likely just be a “small step” toward helping resolve some of the challenges in that business according to NAFCU.
As CUToday.info reported earlier here, Rachel Pross, chief risk officer at MAPS Credit Union in Salem, Ore., will testify on behalf of CUNA during the hearing by the House Financial Services Committee, Subcommittee on Consumer Protection and Financial Institutions.
The hearing, titled “Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses,” is scheduled to begin at 2 p.m. ET on Wednesday.
NAFCU EVP and General Counsel Carrie Hunt noted there were two pieces of related legislation in the prior Congress around which many parties had “issues and concerns” and many of those still need to be ironed out. Serving marijuana-related businesses remains illegal under federal law even in states where voters have for the most part legalized the cannabis business.
Hunt said NAFCU, like credit unions themselves, hopes the hearing is a step toward more clarity from the federal government. Hunt added that NAFCU, which to date has not really “fleshed out” its position on the issue, will be doing so in a letter to the House committee this week.