Pot-Centric Colorado Credit Union Sues Federal Reserve Bank For Denying Account

Pot Centric Colorado Credit Union Sues Federal Reserve Bank For Denying AccountThe state of Colorado no longer outlaws recreational marijuana use, but the U.S. government still considers it a Schedule I controlled substance, so many businesses making money from the locally legal sale of cannabis are having trouble finding banks to handle their cash. One credit union formed with the goal of providing financial services to those in the marijuana industry received a charter from Colorado, but has filed suit against a regional Federal Reserve bank for blocking its ability to work with other banks.

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