Taking first senate step, banking committee to hold marijuana banking hearing

The much-anticipated hearing is scheduled to take place next Tuesday.

Although Senate Banking Chairman Mike Crapo (R-Id.) has expressed concern about marijuana banking legislation, he has agreed to hold a hearing on the issue on July 23.

Rachel Pross, chief risk officer at MAPS Credit Union in Salem. Ore. will testify on behalf of CUNA. Pross’s credit union has provided financial services to cannabis businesses in Oregon.

In addition, Sens. Jeff Merkley (D-Ore.) and Cory Gardner (R-Colo.) will testify at the hearing. The two senators are cosponsors of legislation that would provide a safe harbor for banks and credit unions that do business with marijuana-related businesses in states where marijuana is legal.

The House Financial Services Committee has approved a companion bill sponsored by Reps. Ed Perlmutter (D-Colo.) and Denny Heck (D-Wash.). However, the full House has not considered the legislation.

 

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