Credit Union National Association (CUNA) wrote in support of the bipartisan Strengthening the Tenth Amendment Through Entrusting States (STATES) Act of 2019, calling it a “reasonable and sound approach” to cannabis banking. The legislation, which would clarify the federal treatment of marijuana where it is legal, was introduced by Sens. Elizabeth Warren (D-MA) and Cory Gardner (R-CP) in the Senate and Reps. Earl Blumenauer (D-OR) and Dave Joyce (R-OH).
The STATES Act would provide credit unions and other financial institutions accepting deposits from, extending credit or providing payment services to an individual or business engaged in marijuana-related commerce in states where such activity is legal with legal protections, so long as they are compliant with all other applicable laws and regulations.
The bill also makes clear that compliant financial transactions do not constitute trafficking or result in proceeds of an unlawful transaction, providing additional clarity to credit unions and the members they serve.
CUNA enlisted Rachel Pross, Chief Risk Officer at Maps Credit Union in Salem Oregon to testify before a House Financial Services subcommittee in February about the importance of allowing these legal businesses to access financial services. Maps is the only financial institution in Oregon that has continuously served the cannabis industry since 2014. In the past two years, Maps has received over 500 million dollars in cash deposits from cannabis businesses.