Pubdate: Tue, 25 Nov 2014 Source: Denver Post (CO) Copyright: 2014 The Denver Post Corp Contact: http://www.denverpost.com/ Details: http://www.mapinc.org/media/122 FEDS: ACT ON POT CREDIT UNION Federal authorities should move quickly to OK the world's first-ever credit union for the marijuana industry. Fourth Corner Credit Union received an unconditional charter to operate last week by the state's Division of Financial Services. Fortunately a wrinkle in federal law allows the credit union to open as it awaits approval of required federal insurance. But that could take up to two years. The National Credit Union Administration, the federal regulator of credit unions, shouldn't wait that long. A master account from the Federal Reserve System is expected by Dec. 10. Marijuana businesses have been denied legitimate banking solutions for too long, creating a dangerous, cash-only environment. It is commendable the state has found a workable solution. The feds should follow. - --- MAP posted-by: Jay Bergstrom