NW Expertise to be Tapped at House Hearing on Canna Banking Next Week

The 116th Congress is poised to address the issues limiting financial institutions’ ability to serve legal cannabis businesses. A subcommittee for the House Financial Services Committee has scheduled a hearing Feb. 13 called, “Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses.”

Expect a strong Northwest presence. Rachel Pross, Chief Risk Officer at Salem-based Maps Credit Union, will provide expert testimony. Maps is one of a handful of credit unions that have stepped up to address the public safety issue surrounding providing financial services to the legal cannabis industry.

The hearing signals potential appetite for federal legislation that would remove red tape and allow credit unions to more freely serve legal marijuana-related businesses. Rep. Denny Heck (D-WA 10) and Rep. Earl Perlmutter (D-CO 7) have introduced legislation, now co-sponsored by eight Northwest representatives. Tuesday’s Anthem will have more details in advance of this hearing.

 

Posted in Advocacy on the Move.