Colorado pot credit union could open next year
Colorado charters first credit union for marijuana industry, but fed approvals remain
November 21, 2014 1:21 PM
DENVER (AP) -- Colorado has granted a charter for the first financial institution to serve the state's cash-only marijuana industry. But action by the National Credit Union Administration and the Federal Reserve is needed, and pot's still illegal under federal law.
The charter is a step to resolving a problem for the industry, which generally is unable to obtain traditional banking services. Dispensaries frequently transport cash — a crime risk — and use cash to pay employees, expenses and taxes.
The Division of Financial Services issued the charter Wednesday to The Fourth Corner Credit Union. The Denver Post reports (http://dpo.st/11CYeJF
) it could open in January.
Fourth Corner must get insurance from the National Credit Union Administration, but can operate until the administration decides. It also must get a master account from the Federal Reserve.
Information from: The Denver Post, http://www.denverpost.com