• November 29, 2020

Cannabis-related businesses could see banking

 Cannabis-related businesses could see banking

A Denver credit union that wants to offer banking services to marijuana businesses has received conditional approval from the Federal Reserve Bank of Kansas City.

The Fourth Corner Credit Union, a state-chartered credit union in Denver, is on the cusp of revolutionizing banking for marijuana businesses. But it has been thwarted by the Federal Reserve Bank of Kansas City.

The credit union intends on focusing on individuals and companies that support legal marijuana, including ancillary businesses like accountants and landlords. It does not have immediate plans to serve marijuana sellers, though establishment of such a credit union would go a long way to move the needle in the marijuana banking debate.

The credit union first received a state charter from the state’s banking commissioner in 2014.

Read the full article here: https://www.wsj.com/articles/fed-backs-marijuana-focused-credit-union-1517870188

Peter Marcus

Peter Marcus

Peter Marcus served as the Senior Statehouse Reporter for the Colorado Springs Gazette where he co-launched ColoradoPolitics.com, covering politics, the governor’s office, the Colorado Legislature, Congress, and federal, state and local governments. He joined in November 2016 from The Durango Herald. The Washington Post twice named Marcus one of the top state-based political and legislative reporters in the nation. He also has won over a dozen awards from the Colorado Press Association. In prior positions, Marcus worked for the Colorado Statesman, a Denver-based political weekly, and The Denver Daily News, a former free daily newspaper in Denver, where he covered City Hall, politics, and had an entertainment column. Before that, Marcus worked for the Longmont Times-Call. An Ithaca College graduate, Marcus studied journalism and creative writing, before moving to Colorado from New York in 2004.

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