Colorado Pot Credit Union Could Be Open By Jan. 1 Under State Charter

COLORADO:  The world’s first financial institution established specifically for the marijuana industry could be open in Colorado by Jan. 1.

The Colorado Division of Financial Services late Wednesday issued Fourth Corner Credit Union an unconditional charter to operate, the first state credit-union charter issued in nearly a decade.

The next hurdles will be obtaining insurance from the National Credit Union Administration, the federal regulator of credit unions, and getting a master account from the Federal Reserve System.

Gov. John Hickenlooper‘s office called the charter “the end of the line” for the state’s efforts to solve the marijuana industry’s nagging problem: obtaining banking services.

Although the NCUA insurance is not guaranteed — sale and consumption of marijuana remain illegal under federal law — Fourth Corner can operate until NCUA makes its decision.

 

Colorado Lawmakers Shy Away From Pot Bank

COLORADO:  A Colorado plan to set up the world’s first financial system for marijuana survived less than 24 hours before state lawmakers changed course Thursday night and shelved the idea.

The proposal would have allowed state-licensed marijuana businesses to create a financial co-op, sort of an uninsured credit union.

The measure was introduced late Wednesday and cleared a House committee on Thursday. But a few hours later, another House committee gutted the plan by amending the bill to say that Colorado will continue studying the problem of marijuana businesses having a hard time accessing banking services.

Lawmakers from both parties expressed reservations about whether the financial-services plan would work.

“Let’s take some time to have this properly vetted,” said Rep. Kevin Priola, R-Henderson, who sponsored the amendment to study the matter.