Kansas City Fed Rejects Colorado Pot Credit Union

By Evan Weinberger (October 23, 2015, 3:02 PM EDT) -- The Federal Reserve Bank of Kansas City on Wednesday said that it would not accept deposits from or set up a key account for a Colorado credit union created to service the state's legal marijuana industry because the drug remains illegal under federal law.

The Kansas City Fed said in a filing in federal district court in Denver that even though the state of Colorado granted the Fourth Corner Credit Union a charter to operate and serve the state's legal marijuana industry, the credit union was still engaged in activity that was in violation of federal law and is thus barred...

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