Bill provides states’ rights and public safety protections
DENVER, Co. & WESTBROOK, Me. (June 7, 2018) – The Mountain West Credit Union Association (MWCUA) and the Maine Credit Union League (MCUL) today sent a letter to Senators Cory Gardner (R-CO) and Elizabeth Warren (D-MA) supporting their bill, the Strengthening the Tenth Amendment Through Entrusting States (STATES) Act of 2018. This legislation provides important states’ rights and public safety protections for our credit unions and their members.
MWCUA President and CEO Scott Earl co-authored the letter with Todd Mason, President and CEO of the Maine Credit Union League. Both states have legalized recreational marijuana industries. Colorado has faced numerous challenges providing financial services to these businesses and Maine is just beginning to navigate the process of implementing businesses.
“As financial services providers serving over 4 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.
Mason added, “Currently, 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.”
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.
Both states thanked the Senators 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.
About the Mountain West Credit Union Association
The Mountain West Credit Union Association is the regional tri-state trade association representing 127 member credit unions, 3.3 million credit union members and $41 billion in assets throughout Arizona, Colorado and Wyoming. Not-for-profit in nature, credit unions provide low-cost financial services to their members. Founded in 2011, the Mountain West Credit Union Association serves and supports the interests of member credit unions through advocacy, community outreach, education and training, public affairs, regulatory and compliance services and strategic partnerships. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU) and CUNA Mutual Group. Follow us on twitter at twitter.com/mwcua or on Facebook at facebook.com/mwcua. To learn more about credit unions visit AsmarterChoice.org.
About the Maine Credit Union League
The Maine Credit Union League is the nonprofit trade association for Maine’s 55 credit unions that serve nearly 700,000 members. Founded in 1938, the Maine Credit Union League is committed to helping credit unions succeed and improve the financial lives of their members by ensuring that credit unions are in the right place at the right time with the right solution.