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Photo In response to this challenge, Fourth Corner altered their charter, announcing that they would only open accounts for businesses that indirectly serve or support the cannabis sector, such as legalization advocacy groups, and accountants or lawyers with clients in the industry. The bank would technically would be operating legally, as long as they’re not handling funds directly related to growing, processing, or selling marijuana. Regardless of the change, the Federal Reserve continued to deny the bank’s request for a master account. After years of disagreement, this month the Federal Reserve finally granted conditional approval to Fourth Corner. To secure the deal, the bank has agreed not to serve state-licensed dispensaries or any other business that directly handles cannabis funds. The Federal Reserve bank also warned Fourth Corner that “this letter does not express the policy views of” the Federal Reserve as a whole, “nor does it contain any supervisory, regulatory or enforcement guidance or precedent,”
Colorado Credit Union Allowed to Serve Cannabis Businesses, but Only If They Don’t Touch the Plant – News
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