In Washington DC the focus this week has been on the negotiations to fund the federal government past February 15th, and beyond that was attention to the US Senate Banking Committee with confirmation hearings on the 14th (including two for the NCUA board Rodney Hood and Todd Harper). But behind the scenes there has been work on behalf of credit unions to create opportunity for the industry. This week senior members of GCUA as well as LSCU were in Washington DC to meet with the CUNA lobbying team to discuss what is needed for credit unions on a federal level, as well as key staff of the Congressional delegation. While they were in DC, one of item of interest to credit unions saw some movement on February 13th with a hearing on what Congress needs to do to relieve the challenges surrounding serving marijuana related businesses in states where this is legal. Rachel Pross, chief risk officer at MAPS CU, Salem, Ore., testified on behalf of all credit unions at a House Financial Services Committee hearing on challenges and solutions for cannabis related banking services.
Regardless how one feels on the issue of hemp, low THC oil, or marijuana (medical or otherwise), financial services are a factor…and one that needs to be addressed on a federal level. CUNA previously backed three bills that would clarify the ability of financial institutions to serve legal cannabis businesses, and also supported an amendment to a Senate bill that would have included language saying the same. In Georgia the state legislature has begun to look at the possibility of allowing hemp farming…and it would be a positive step if the federal government cleared up the issues surrounding financial services to this industry.
