Pubdate: Fri, 31 Jul 2015
Source: Denver Post (CO)
Copyright: 2015 The Denver Post Corp
Contact:  http://www.denverpost.com/
Details: http://www.mapinc.org/media/122
Author: Kieran Nicholson

POT CREDIT UNION DENIED

Federal Reserve in Kansas City Rejects Application by Fourth Corner

A Denver-based credit union aiming to become the first of its kind - 
one created to serve the Colorado marijuana industry - has suffered a setback.

The Fourth Corner Credit Union's application for a "master account" 
has been denied by the Federal Reserve Bank. Approval would have 
paved the way for a new era for the state's cannabis industry, which 
has been forced to rely on cash because it is still illegal under 
federal law, a fact that has led almost all banks to refuse to open accounts
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MAP posted-by: Jay Bergstrom