Cannabis Industry Bank Application Rejected By Federal Reserve & NCUA

A Colorado credit union wants the states’ marijuana industry to bank with it. Its fate, however, is up to a federal judge after Fourth Corner Credit Union filed a pair of lawsuits in Denver this week against the US Federal Reserve and the National Credit Union Administration. The two federal institutions denied the Credit Union’s applications to serve the marijuana industry. Fourth Corner, chartered by the State of Colorado Division of Financial Services in November 2014, was created to serve the state’s marijuana industry. The credit union has waited on the okay from federal insurers and regulators before opening for […]

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