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Federal Reserve official in Colorado for info on marijuana banking issues

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Submitted by Marijuana News on Fri, 04/10/2015 - 08:00

A federal banking official took the unprecedented step Thursday of meeting with marijuana business owners, as the pot business awaits word on setting up its own bank.

Kansas City Federal Reserve President Esther George held a closed-door meeting with about 20 representatives of the marijuana industry.

The meeting was arranged by two Colorado congressmen who have tried unsuccessfully to pass laws expanding banking access for the marijuana industry, Democratic Reps. Ed Perlmutter and Jared Polis.

Federal authorities have released guidelines to banks about how to accept pot-related clients, but most banks have declined. Banks routinely reject pot businesses for even basic services such as checking accounts because they fear running afoul of federal law, which considers marijuana and its proceeds illegal. Colorado awarded a license last year to a credit union to serve the industry. But the Fourth Corner Credit Union can’t start taking deposits without clearance from the Federal Reserve. The...

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Colorado
United States

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URL: 
http://www.thecannabist.co/2015/04/09/federal-reserve-esther-george-colorado-info-marijuana-banking-issues/32830/

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