WSJ Reports Fed Granted Conditional Approval to Marijuana-Focused CU

KANSIS CITY –The Wall Street Journal (WSJ) has reported that the Federal Reserve Bank of Kansas City has granted conditional approval to a Colorado credit union to serve marijuana businesses. “Though, to win the Fed’s backing it agreed to step back from its original plan to serve state-licensed dispensaries,” according to the article.

Four Corner Credit Union will focus on “individuals and companies that support legalized marijuana, including those who partner with vendors, such as accountants and landlords.”

The credit union sued the Federal Reserve Bank of Kansas City three years ago.

However, before the credit union becomes fully operational, it will have to obtain deposit insurance. The National Credit Union Administration has previously rejected Fourth Corner’s application, according to Keith Leggett’s Credit Union Watch.

in Industry News