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.
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