Marijuana-focused credit union to go back to Fed for master account

DENVER BUSINESS JOURNAL - The CEO of a Denver credit union that made national news for wanting to provide banking services to marijuana businesses but was denied is going back to the U.S. Federal Reserve Bank of Kansas City to re-apply for a master account.

But this time, Four Corners Credit Union will tell the Reserve bank that it will not serve marijuana-related businesses until it legally can.

It’s a big departure from its original mission, which said it wanted to open as the credit union for marijuana-related businesses, citing an unbanked industry working in a dangerous cash-only environment.

But the Reserve bank wanted nothing to do with marijuana and denied the credit union its account even though the credit union had received its charter from the state of Colorado in 2014. A master account is the bank account for banks that gives depository institutions access to the Federal Reserve System’s services, including its electronic payment system.

Read more at the Denver Business Journal: http://bizj.us/1p8kb3

(© 2017 American City Business Journals. All rights reserved.)


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