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.
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MAP posted-by: Jay Bergstrom