The Mountain West Credit Union Association (MWCUA) today sent a letter to Senators Cory Gardner (R-CO) and Elizabeth Warren (D-MA) and Representatives Earl Blumenauer (D-OR) and David Joyce (R-OH) supporting their bill, the Strengthening the Tenth Amendment Through Entrusting States (STATES) Act. This legislation provides important states' rights and public safety protections for our credit unions and their members.
MWCUA President CEO Scott Earl noted the numerous challenges Colorado has faced providing financial services to these businesses in the five years that recreational marijuana has been legal.
“As financial services providers serving over 3 million members in the states we represent, credit unions play a central role in our communities by fulfilling banking needs that may not be otherwise available,” said Earl.
“We cannot serve an industry that generates several billion dollars in sales and tax revenues-the recreational cannabis industry- without substantial risk due to ongoing uncertainty over federal enforcement of the Controlled Substances Act. This has become not only a states' rights issue, but an important public safety issue,” Earl added.
Without access to standard banking services, some of these companies have had to come up with alternative solutions and many are unable to undertake the most basic functions of successful businesses, such as paying vendors, employees and taxes, but instead have large amounts of money unsecured, unaccountable and at risk for abuse.
“The STATES Act would provide the certainty we need as financial services providers to service this growing industry and protect our members and the taxpayers of our states. This is a matter independent of the question of legalization of cannabis and is about ensuring the rights of states to fully implement the will of their voters,” noted Earl.
The MWCUA thanked the Senators and Representatives for their leadership in drafting the legislation and urged Congress to take swift action to address this matter and pass the STATES Act without delay.