Maps Credit Union’s Rachel Pross to Headline Senate Banking Committee Hearing on Cannabis Banking

The Senate Banking Committee will hold a hearing July 23 at 10 a.m. EST/7 a.m. PT. Rachel Pross, Chief Risk Officer at Maps Credit Union in Salem, Oregon, will testify. Pross headlined testimony at the House Financial Services Committee hearing earlier this year.

Next Tuesday’s hearing marks the first time the Senate holds a hearing addressing issues making it difficult for financial institutions to serve canna business – even in states such as Oregon and Washington where they are legal – due to conflicts with federal law.

Sen. Jeff Merkley (D-Ore.) and Sen. Cory Gardner (R-Colo.) have introduced legislation aimed at protecting financial services from federal penalties if they serve legal marijuana businesses.

Similar legislation is pending in the House.

Your Association will be onsite for the hearing next week and will provide rapid updates.

Posted in Advocacy on the Move.