Credit Union's Suit Could Open Up Banking For Pot Business

Law360, New York (July 31, 2015, 6:40 PM EDT) -- A Colorado credit union’s lawsuit against the Federal Reserve Bank of Kansas City over the denial of a vital account could help bring more clarity for financial institutions interested in providing services to legal marijuana businesses if it can survive early hurdles, experts say.

The lawsuit, filed on July 30 by The Fourth Corner Credit Union in Denver, seeks to overturn the Kansas City Fed’s decision earlier this month to deny the state-chartered credit union access to a so-called master account. Such an account, which essentially...
To view the full article, register now.