Forcing Federal Reserve to bank on pot credit union would give approval to criminal activity, federal judge says.
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Calling itself the "littlest David" battling the "biggest Goliath," a fledgling Colorado credit union took the Federal Reserve to court Monday in a case that may determine whether the cannabis industry will bank openly or continue to operate almost entirely in cash.
The Federal Reserve Bank of Kansas City has asked a federal judge in Colorado to dismiss a lawsuit filed against it by a Denver-based credit union that wants to provide financial services to the marijuana industry.
Kristen Wyatt ~ Associated Press ~
DENVER (AP) -- Colorado's attempt to create a bank to service its marijuana industry has received a setback from the Federal Reserve.
Bruce Kennedy ~ WeedWorthy ~
Denver’s Fourth Corner Credit Union launched last year as an answer to the legal marijuana industry’s inability to access financial institutions. But the Fed had other plans.
The Federal Reserve Bank of Kansas City finds itself in the middle of a heated debate about the legalization of marijuana, as the target of a lawsuit filed by a credit union seeking to serve the industry.
Kieran Nicholson ~ Denver Post ~
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.
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