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Cannabis Campaigners' Guide News Database result:
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US: Colorado Marijuana Banking Bid Rejected By Federal Regulators Alton Harrington The Weather Space Sunday 02 Aug 2015 The Fourth Corner Credit Union is not allowed to accept any marijuana business until they get federally insured. One Denver-area credit union is learning how to deal with rejection amid a haze of rules about how financial institutions can interact with businesses which legally sell marijuana. As NCUA said no to grant deposit insurance to Fourth Corner, the Federal Reserve in Kansas City this month refused that application. The marijuana industry isn't completely without banking services. In states where it has been legalized, the Federal regulators have refused a bid by the marijuana industry from using the U.S. financial system on the basis that marijuana is still an illegal drug on a federal level. Perhaps, following the lawsuit, the odds will play in favor of Mark Mason, the Fourth Corner Credit Union and the legal marijuana businesses it intends to aid. For even renovation of stores, looking for cash becomes troublesome. Nearly all payments stemming from marijuana businesses in Colorado are done in cash. "Everyone wants a solution because nobody wants to give their retail employee a paycheck, $1,500 in cash, and ask them to walk home with that late at night". The Fed denied Fourth Corner's request to allow it to operate within the banking system. The credit union filed two lawsuits Thursday challenging the decisions. Banks that have denied individuals and businesses accounts, and for the few who have managed to keep their accounts unclosed - officials say that they were grandfathered in through medicinal marijuana regulation. The Kansas City branch of the Federal Reserve declined comment. Taylor West, head of the National Cannabis Industry Association, said the frequent bank filings about dealings with the pot business are misleading. http://theweatherspace.com/2015/08/02/94824-colorado-marijuana-banking-bid-rejected-by-federal/
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