Thursday, January 7, 2016

Federal Judge Dismisses Marijuana CU Lawsuit

The Denver Post is reporting that U.S. District Judge R. Brooke Jackson on January 5 dismissed a lawsuit seeking federal approval for the first credit union for marijuana in Colorado.

In a nine-page opinion, Judge Jackson wrote that he was compelled to reject The Fourth Corner Credit Union's suit because marijuana remains illegal under federal law.

Fourth Corner Credit Union sued the Federal Reserve Bank of Kansas City for denying its application for a master account.

A separate lawsuit against the National Credit Union Administration for refusing to issue share deposit insurance to the credit union is pending in U.S. District Court.

Read the story.
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