Forcing Federal Reserve to bank on pot credit union would give approval to criminal activity, federal judge says.
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Calling itself the "littlest David" battling the "biggest Goliath," a fledgling Colorado credit union took the Federal Reserve to court Monday in a case that may determine whether the cannabis industry will bank openly or continue to operate almost entirely in cash.
The Federal Reserve Bank of Kansas City has asked a federal judge in Colorado to dismiss a lawsuit filed against it by a Denver-based credit union that wants to provide financial services to the marijuana industry.
Kristen Wyatt ~ Associated Press ~
DENVER (AP) -- Colorado's attempt to create a bank to service its marijuana industry has received a setback from the Federal Reserve.
Clarissa Cooper and Michael Bodley ~ Carnegie-Knight News21 initiative via NBCNews.com ~
DENVER — Every month, Jamie Perino hires a security detail to come to her three recreational marijuana dispensaries. They stop by, collect thousands of dollars in cash and head out to deliver the money to the state, county and city.
The Federal Reserve Bank of Kansas City finds itself in the middle of a heated debate about the legalization of marijuana, as the target of a lawsuit filed by a credit union seeking to serve the industry.
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