CUNA witness, Reps. emphasize importance of access to financial services
Rachel Pross, chief risk officer at Maps CU, testifies before the House Financial Services subcommittee on consumer protection and financial institutions Feb. 13.
CUNA witness Rachel Pross, chief risk officer at Salem, Ore.-based Map CU, answered multiple questions from members of the House Financial Services subcommittee on consumer protection and financial institutions Wednesday. Several committee members said they agreed with Pross’ testimony, that legal cannabis businesses should have access to financial services.
During her answers, Pross noted that Maps CU has filed more than 3,000 Suspicious Activity Reports (SARs) in the last two years, and that Maps has filed more than 13,000 total reports to the Treasury’s Financial Crimes Enforcement Network.
In response to a question from Rep. Scott Tipton (R-Colo.), Pross said by filing SARs Maps CU are providing law enforcement with information they wouldn’t otherwise have.
Rep. Denny Heck. (D-Wash.) noted an example of a young Marine veteran who was killed while working security for a cash-only cannabis dispensary in Aurora, Colo. Other members noted similar crimes, and that the temptation of all-cash businesses made them targets for criminals.
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