Colorado Cannabis Bank Sues Federal Reserve

fourthColorado’s Fourth Corner Credit Union has filed lawsuits against the Federal Reserve and the National Credit Union Administration for denying it the right to operate within the banking system.

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.

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