Marijuana Credit Union Granted Conditional Account by Federal Reserve Bank

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Marijuana Credit Union Granted Conditional Account by Federal Reserve Bank Thomas Mitchell Marijuana Credit Union Granted Conditional Account by Federal Reserve Bank Thomas Mitchell | February 9, 2018 | 7:44am Banking and general financial services have been a great white whale for the cannabis industry, as financial institutions continue to be wary of the plant's illegal status with the feds. But a recent settlement between a Colorado credit union and the Federal Reserve Bank of Kansas City may help reel in a solution.In a letter sent to Fourth Corner Credit Union on February 2, the Federal Reserve Bank agreed to give the Denver-based credit union a master account, which is necessary for such bank-to-bank relations as cashing checks and transferring money. The other option outlined by the Federal Reserve, obtaining private insurance, isn't allowed in the state of Colorado."We'd like to be treated like any other credit union," O'Gorman says. The Federal Reserve Bank's letter stipulates that Fourth Corner cannot provide financial services to marijuana-related businesses until doing so is legal federally. Fourth Corner shall provide a letter from the DFS stating that Fourth Corner has satisfied all requirements and is permitted to provide banking services to its field of membership.

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Marijuana Credit Union Granted Conditional Account by Federal Reserve Bank

Thomas Mitchell | February 9, 2018 | 7:44am

Banking and general financial services have been a great white whale for the cannabis industry, as financial institutions continue to be wary of the plant's illegal status with the feds. But a recent settlement between a Colorado credit union and the Federal Reserve Bank of Kansas City may help reel in a solution.

In a letter sent to Fourth Corner Credit Union on February 2, the Federal Reserve Bank agreed to give the Denver-based credit...

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