Posted On: 01/13/2015 11:31:31 AM
Post# of 2155
I agree with you. This needs to be dealt with now. Here is a excerpt from an article regarding a credit union that was issued a charter by the state of Colorado:
"Colorado hopes its decision last November to issue a charter to The Fourth Corner Credit Union will help solve the problem for its pot retailers. The credit union is waiting for a master account from the Federal Reserve System that allows it to clear checks and transfer funds within the nation’s money system – something all financial institutions must have. It’s also waiting for federal deposit insurance from the National Credit Union Administration, which regulates credit unions.
As a state-chartered institution, the Fourth Corner Credit Union should automatically qualify for a master account, but getting insurance could take up to two years. Colorado can allow it to operate while it waits, however.
The state has said Fourth Corner is about the last thing it can do to try to solve the problem of too much cash on the streets and no banking services for Colorado’s marijuana industry. Ultimately, the problem is one Congress must solve.
“We’re hoping Congress will act,” said West of the National Cannabis Industry Association. “The worry is it’s going to take someone getting killed to get action on this.”
"Colorado hopes its decision last November to issue a charter to The Fourth Corner Credit Union will help solve the problem for its pot retailers. The credit union is waiting for a master account from the Federal Reserve System that allows it to clear checks and transfer funds within the nation’s money system – something all financial institutions must have. It’s also waiting for federal deposit insurance from the National Credit Union Administration, which regulates credit unions.
As a state-chartered institution, the Fourth Corner Credit Union should automatically qualify for a master account, but getting insurance could take up to two years. Colorado can allow it to operate while it waits, however.
The state has said Fourth Corner is about the last thing it can do to try to solve the problem of too much cash on the streets and no banking services for Colorado’s marijuana industry. Ultimately, the problem is one Congress must solve.
“We’re hoping Congress will act,” said West of the National Cannabis Industry Association. “The worry is it’s going to take someone getting killed to get action on this.”
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