COLORADO: The Fourth Corner Credit Union is not allowed to accept any marijuana business until they get federally insured.
And this is the more reason the credit union is asking for equal access to the financial system so that marijuana businesses could operate without restrictions, because they are now at a disadvantage.
According to the Denver Post, the Fed’s rejection is the latest denial in a string of roadblocks which included the National Credit Union Administration’s denial of Fourth Corner’s application for deposit insurance. Some 400 financial institutions have filed thousands of marijuana-related reports with federal banking regulators in compliance with last year’s guidance. Therefore, the story said, federal concessions to requests like the one from Fourth Corner are few and far between.
As Colorado legalized marijuana for recreational and medical use, the substance remains illegal at the federal level.