The Fourth Corner Credit Union, located in Denver, was created specifically to serve the legal cannabis industry. It got state approval back in November, but has been denied a “master account” by the Federal Reserve, which is required for them to begin legal operations. They have also been denied federal insurance from the National Credit Union Administration. In response, the credit union has filed separate lawsuits against both entities.
By Associated Press
However, before it can open permanently for business, action is also required by the National Credit Union Administration and Federal Reserve.
The Colorado Division of Financial Services issued the charter Wednesday to The Fourth Corner Credit Union, which could open in January, The Denver Post reported Thursday.
The charter is a step toward resolving a significant problem for the industry, which generally is unable to obtain traditional banking services. As a result, dispensaries frequently transport cash – a crime risk – and use currency to pay employees, expenses and taxes.