Denver marijuana-centric credit union sues for federal insurance

Discussion in 'Marijuana News' started by jainaG, Oct 7, 2015.

  1. http://www.9news.com/story/money/business/2015/08/01/fourth-corner-credit-union-marijuana/30984561/


    DENVER BUSINESS JOURNAL - Fourth Corner Credit Union, a state-charted
    credit union since November 2014, was denied federal insurance from the
    National Credit Union Administration's Office of Consumer Protection
    earlier this week.
    Federal Reserve Bank of Kansas City denied it a
    master account, which is identified by the primary nine-digit routing
    transit number, and the credit union cannot operate without insurance or
    a master account.
    Fourth Corner filed two lawsuits Thursday in
    U.S. District Court for the District of Colorado -- one against the
    Federal Reserve Bank of Kansas City and one against the National Credit
    Union Administration.
    Fourth Corner Credit Union, a
    state-chartered credit union since November 2014, says it is entitled to
    federal insurance. The charter was approved on the condition that the
    credit union get federal insurance. Within a month of receiving its
    state charter, the credit union filed for the insurance.
    Read more at the Denver Business Journal: http://bit.ly/1IfzLsQ

    (© 2015 American City Business Journals. All rights reserved.)
     

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